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Talking Pennies, PIPs & Payment for Order Flow

Why trading in pennies is more trouble than it's worth

Traders Magazine, March 2007

Tony Saliba

Sometimes the best intentions are misplaced. Take the attempts to introduce the $1 coin, the videodisc and the attempt in the U.S. to convert to the metric system. The same might be said for the current "pilot" program in listed options. As of January 26, the industry began offering quotes in 1-cent increments in options on 13 underlying

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