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The Fat Cat Days Are Finished: It is time for the buyside toaccept penny trading, argues a guest wr

Traders Magazine, August 2002

Robert A. Wood

The reduction of the minimum tick size to one penny may be the most controversial rule change in recent years. It is causing the most far-reaching overhaul in institutional trading practices since the introduction of the order handling rules. These latest changes have had a profound effect on both the Nasdaq and New York Stock Exchange. On the latter, charges of penny jumping have been frequent. But how does penny trading actually improve the quality of the U.S. equity markets?

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