NYSE President Asks Regulators to Change Rules for Fair Play with Exchanges
“On exchange, we are artificially constrained from competing for pretty much half of the market. It‘s like we’re in a bullfight, and sure, you can beat the price on an exchange if you‘ve drugged the bull and starved him for two weeks,” Cunningham commented during an annual conference held by the Securities Traders Association. One of the rules is the so-called ’sub-penny rule, enacted in 2005, which prevents exchanges from showing bid and offer quotes in increments smaller than a penny.
