No more sub-pennies in Canada.

[Don Bright]

http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=87C6C1534636405FB1AE5F5C4363678C&Language=en

"Meaningful price improvement – In order to trade with a dark order, smaller orders must receive a minimum level of price improvement, which is defined as one trading increment or half a trading increment for securities with a bid-ask spread of one trading increment;"

Evidently no more sub-pennies in Canada. This "may" impact some of the Canadian firms. Looking for any input from you Canadian guys.

I hope this does well, and that our regulators will follow suit. Seems like pennies or half pennies are small enough increments, IMO.

Don

 

[Cdntrader]

Quote from Don Bright:

http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=87C6C1534636405FB1AE5F5C4363678C&Language=en

"Meaningful price improvement – In order to trade with a dark order, smaller orders must receive a minimum level of price improvement, which is defined as one trading increment or half a trading increment for securities with a bid-ask spread of one trading increment;"

Evidently no more sub-pennies in Canada. This "may" impact some of the Canadian firms. Looking for any input from you Canadian guys.

I hope this does well, and that our regulators will follow suit. Seems like pennies or half pennies are small enough increments, IMO.

Don

USA follow? hmm

 

[gaj]

i like sub-pennies on under dollar stocks.

i'm not thrilled with it on the above dollar stocks, and if given a choice, would prefer it was gone on those. the .001 price improvement is kind of worthless.

however, what really gets me annoyed on the sub-pennying above dollar stocks is that it's not available to everyone. if .001 is an improvement, then give me the opportunity to go .004, for example - isn't that even *more* price improvement?

 

[Don Bright]

Quote from gaj:

i like sub-pennies on under dollar stocks.

i'm not thrilled with it on the above dollar stocks, and if given a choice, would prefer it was gone on those. the .001 price improvement is kind of worthless.

however, what really gets me annoyed on the sub-pennying above dollar stocks is that it's not available to everyone. if .001 is an improvement, then give me the opportunity to go .004, for example - isn't that even *more* price improvement?

That's the point. When we, as traders, are providers of liquidity, why should we be handcuffed because another group can slip in with a .00001 better price? Mid point is fine, in fact it's all fine, IF we, as professional traders, can do the same thing.

Don