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Markets & Stocks
Nasdaq drops decimal date
March 7, 2000: 10:37 p.m. ET

NASD will not meet July deadline to switch to decimal-based system
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NEW YORK (CNNfn) - The National Association of Securities Dealers will not meet a July 3 deadline set by the Securities and Exchange Commission to switch from trading stocks valued in fractions to trading them based on the decimal system, the association said in a statement Tuesday.
    NASD made the acknowledgment in a letter submitted to the SEC Tuesday. The change on the Nasdaq from will not take place before the end of they year, sources told CNNfn.
    However, a spokesman for the New York Stock Exchange said the Big Board has already upgraded and could begin trading in decimals immediately.
    Under the new system, a stock currently priced at 50-1/2, for example, would be priced at $50.50. The idea behind the switch is that a decimal-based system could lead to narrower spreads between the bid and ask price, since decimal pricing is more precise. Brokerages long opposed the changeover, fearing lower profit.
    The system also will make pricing more compatible with other global markets. Back to top

  RELATED STORIES

SEC orders decimal pricing - Jan. 28, 2000

SEC expands access to NYSE stocks - Dec. 08, 1999
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