RE:more on nickelsNot sure I understand this:
Addendum: For those who want the details, the program dumps the 1,200 stocks into three "buckets" and a control group:
1) a control group of 1,500 stocks that will continue to trade in pennies.
2) a bucket of 400 stocks, that are only quoted in nickels but can trade in any increment, including pennies So the only thing changing is the quote.
3) a second bucket of 400 that can be traded in nickel increments, so if you have a stock with a bid of $10.00 and an ask of $10.05, the next price it can be bought is at $10.10, not $10.06. So both the quote and trade change. Retail investors will be exempt.
4) the third bucket of 400 stocks has the same requirements of 3), but will add a "trade-at" rule. This means that you can trade at the National Best Bid and Offer (NBBO) when you are part of an exchange, but dark pools and other "dark" venues must provide price improvement. In other words, "lit" markets (stock exchanges) will have priority over "dark" markets (dark pools).