Decimal trading will benefit investors by allowing greater competition and making it easier to compare prices, ... It will also bring about consistency with foreign markets, which now trade in decimals. We look forward to working with the industry to ensure that the transition to decimals goes smoothly.
More Quotes from Arthur Levitt:
The motivation to satisfy Wall Street earnings expectations may be overriding common sense business practices, ... In the process, I fear, we are witnessing a gradual but inexorable erosion in the quality of financial reporting.Arthur Levitt
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Sandy reacted to his times, and Chuck Prince is going to have to determine what his times are and how he should deal with that era.
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The tension between centrality, on the one hand, and competition, on the other, is probably the oldest of all market structure issues.
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Our purpose, as we face these challenges, remains clear - fair and orderly markets that allow for efficient capital formation, while protecting the interests of investors.
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Another misconception is that an order is canceled when you hit 'cancel' on your computer. But, the fact is it's canceled only when the market gets the cancellation.
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