Decimalization Sample Clauses

Decimalization. The SEC has ordered all SROs that allow trading in equity securities to price those securities in decimals rather than in fractions, no later than April 2001. While spreads have narrowed from increments of 1/16 or 1/32 of a dollar to increments of one cent, floor specialists are profiting by "pennying" or stepping in front of institutions' limit orders by bidding or offering in front of such orders by a p▇▇▇▇. This in turn is causing fewer limit orders to be entered with a reduction in market transparency. . Public Disclosure of Order Routing and Execution Practices. In January 2001, new SEC rules became effective which require many market participants to make detailed public disclosure in electronic form of certain statistical measures of execution quality for orders in equity securities. The new rules also require securities brokers to provide detailed disclosure in electronic form regarding their order routing practices. The availability of enhanced execution data as well as information regarding the market center to which orders are routed may raise the bar for achieving best execution.