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Dictionary definition of “sub-penny quoting”

sub-penny quoting

n. the practice of offering a decimal of a cent higher than a stock’s asking price or another buy order. Also sub-penny pricing, sub-penny trading. Subjects: , ,
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Citations: 2000 Judith Burns (Dow Jones News Service) (Oct. 26) “NYSE’s Grasso Sees Securities Modernization Bill In 2001”: Sub-penny pricing could well occur if some are “tempted to split Mr. Lincoln into further pieces,” Grasso warned. He said “that would be tantamount to a neutron bomb” for U.S. markets and could hurt investors if it causes widespread execution problems. 2001 Judith Burns (Dow Jones News Service) (May 24) “SEC”: It would be Nasdaq’s preference that we don’t move to sub-penny quoting. 2004 Sam Ali, Susan Todd Newhouse News Service (Apr. 26) “SEC Proposals Mean More Than Chump Change to Investors”: While the practice of sub-penny quoting is largely invisible, it has led to prevalent cutting, or “stepping ahead” as they call it in the markets.
Posted 7 May 04 | Permalink | Tell a Friend

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