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NYSE's Sub-Penny Quandary

Traders Magazine, January 2012

Peter Chapman

An NYSE Euronext proposal to permit its members to quote in sub-pennies is proving highly controversial. The exchange operator's "Retail Liquidity Program" would create dark pools at the New York Stock Exchange and NYSE Amex, where members could vie for retail order flow with quotes only a tenth of a cent better than the market's best displayed prices.

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