TD and most other brokers only allow 2 digits for example.... Limit Buy $2.12 besides $2.123 for Share Price over $1. Many times I buy 100k shares but the spread is 1 cent so I would like to find a broker that will allow me to place Buys or Sells at a Limit below 1 cent so I can go to the Midpoint of the Bid and Ask.
Sub-penny rule 612: only stocks trading under $1 have increments up to 0.0001 per share. Stocks trading above $1 can only move in increments of pennies. Only brokers can use sub penny bids for price improvements on stocks above $1. https://seekingalpha.com/instablog/...585-why-sec-rule-612-is-a-brokers-best-friend