Exchanges push for price quotes in subpenny increments

Nasdaq OMX Group, NYSE Euronext, BATS Global Markets and Direct Edge, which has yet to gain exchange status, are supporting an effort to get regulators to allow price quotes in increments of less than a penny. The move is part of the exchanges' effort to become increasingly attractive to electronic traders. "We've had institutions, hedge funds, a broad variety of customers asking for this," said Brian Hyndman, senior vice president of transaction services at Nasdaq OMX.

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