SEC Bans Stub Quotes

The Securities and Exchange Commission has outlawed the practice whereby market makers quote unusually wide spreads to avoid providing liquidity, which contributed to the May 6 "Flash Crash." From Dec. 6, market makers must ensure their quotes are within certain percentages of the national best bid and offer for a stock, depending on the security, the time of day, and whether it is part of the SEC's circuit-breaker pilot program.

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