SEC Mandates July 3 Switch To Decimalization On US Exchanges
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WASHINGTON--The SEC has made it official: US exchanges will be required to abandon the 200-year old practice of quoting prices in fractions and switch to decimals by July 3. It wants decimalization to be completed on all US options and equity exchanges by the end of the year at an estimated cost of about $1 billion.
According to the SEC's January 28 announcement, markets can quote securities prices in five-cent increments until the end of the year. But markets must also create and run a pilot
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