The addition will complete the process of giving the NYSE trading floor experience with decimal pricing. The process began with a pilot of seven stocks on Aug. 28, followed by an additional 57 stocks on Sept. 25. Stocks participating in the pilot are priced in dollars and cents instead of fractions. The minimum pricing increment is one cent.
The decimal pilot's impact on liquidity, trading patterns and systems capacity are being evaluated by the NYSE and the industry in consultation with the Securities and Exchange Commission. Pending that evaluation, the Exchange anticipates extending decimal pricing to all NYSE-listed stocks early next year.
The NYSE's board approved conversion to decimal pricing in June 1997 with the goal of making prices more easily understood by investors, reducing spreads and bringing the United States into conformity with international practices.
