Securities Markets

Securities Markets

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In early 2001, U.S. stock a option markets began quoting prices in decimal increments rather than fractions of a dollar. At the same time, the minimum price increment, or tick size, was reduced to a penny on the stock markets a to 10Ac a 5Ac on the option markets. Although many believe that decimal pricing has benefited small individual (retail) investors, concerns have been raised that the smaller tick sizes have made trading more challenging a costly for large institutional investors, including mutual funds a pension plans. The financial livelihood of market intermediaries may also have been negatively affected by the lower ticks. This report assesses the effect of decimal pricing on retail a institutional investors a on market intermediaries. Charts.In addition, we obtained data on the specialist broker-dealer revenues and participation rates and on executed trade sizes from NYSE. For the number of specialist firms participating on US. markets, we sought data from NYSE and the otheranbsp;...

Title:Securities Markets
Author: Richard J. Hillman (au)
Publisher:DIANE Publishing - 2005-11

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