Sub-Penny Pricing May Have Big Dollar Effects

INDUSTRY FOCUS

Sub-penny quoting and trading will increase capacity requirements and costs for market data vendors, according to comment papers submitted to the Securities and Exchange Commission by industry groups the Financial Information Forum (FIF) and the Financial Information Services Division (FISD).

Sub-penny quoting will cause message rates to "skyrocket" and will force vendors to develop larger networks to handle the increase in capacity, says W. Leo McBlain, chairman of the FIF.

Mike Atkin, vice

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