May 30th | Wall Street And Enron
A major change in market practices is the result of the NASDAQ market-makers scandal and subsequent prosecution and fines. Equity markets began to move to decimal pricing rather than using fractions, as had been the custom since the eighteenth century. Pointing to the large differences used by NASDAQ, critics maintained that the abandonment of decimal fractions and the adoption would provide cleaner pricing and save the investing public a lot of money. Use of fractions was only adding needlessly pennies and fractions of cents to the price of a trade, which, naturally, went into the pockets of retailers. NASDAQ has entered the fray before the NYSE, using the 1997 scandal as an example of how to turn bad news into good future public relations. The NASD Chairman Frank Zarb, told a congressional committee in 2000 that the commitment of the NASD decimals was early and strong. As you know, the NASD was the first U.S. market to support prices WALL STREET 384 decimal, beginning with our testimony before the Subcommittee on April 16, 1997. The NASD Board on August 7, 1997 voted to begin operating systems using NASDAQ decimals.9 Not to be outdone by his rival, Richard Grasso announced that the NYSE would create a market ahead of the decimal NASDAQ for several months, in an obvious attempt to embarrass the NASDAQ, which had been billing itself as the stock market of the future in advertising. Both markets were trading decimal place in 2001. While the two stock markets engaged in healthy competition, the electronic communications networks, or ECN, has continued to develop, provide their own competition for the biggest markets. Dedicated to making markets in stocks selected using the setting to streamline procedures prescribed by the SEC, ECNs have continued to drain away the volume as NASDAQ and the NYSE, especially for large block trades in terms of well-traded issues. Private networks have been favored by large traders because the procedures have been streamlined and could get a performance of a stock veryquickly, better than the traditional order placing roads in place. And extending trading hours in the evening, the ECN has provided an additional service to institutional investors. For most, their services remain outside the sphere of the small investor unless he or she was a day trader, buying and selling quickly using Internet services online broker instead of a traditional telephone. Cross trades between the buyer and seller without the help of a market maker or specialist skills required of a trader, something the average investor does not have. After the bull market calmed down, the idea of ??trading afterhours lost part of its appeal, however, but ECNs remained favorites of some institutional investors. The decline of the small day trader after a severe decline in market volume of some injured, ECNs but they remained firmly in place among professionals.
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NBC has found the (new) female lead for its new comedy ?Animal Practice?: JoAnna Garcia will star opposite Justin Kirk in the series. 


