Pennies for a price

Equity derivatives


The US-listed equity derivatives market will begin a bold experiment on January 26 next year. This will mark the start of a six-month pilot programme, during which some option prices will be quoted in single-cent increments, or pennies, rather than in nickel (five cents) or dime (10 cents) intervals. The Securities and Exchange Commission (SEC) has requested that six exchanges - the American Stock Exchange, Boston Stock Exchange, Chicago Board Options Exchange, International Securities Exchange

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