Professor Christie Calls for a Nickel Tick
Traders Magazine, November, 2003 by John A. Byrne
Professor William G. Christie, the academic whose work on Nasdaq price collusion inspired lawmakers in Washington to bring in the controversial order handling rules, says it's time to fix spreads again. But this time with a nickel increment.
Almost ten years after Christie and his colleague, Professor Paul Shultz, demonstrated that market makers maintained quote increments of $0.25 in 70 of the 100 most active Nasdaq stocks - by avoiding odd-eighth quotes - Christie says penny pricing has gone too far.
In a comment some might regard as ironic, Christie told Traders Magazine that his position in the early 90s was different from his stand today. He said his previous research was intended to remove price-fixing from Nasdaq and restore competition.
"The current...
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