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On April 15, 1996, the Toronto Stock Exchange (TSE) moved to decimalization, where the minimum tick size was decreased to $0.05 from $0.125.(1) Many viewed this as a response to increased competition from other exchanges, most notably in the United States. Since major U.S. exchanges list many of the most active TSE securities, decimalization can be viewed as an attempt to attract order flow back to the TSE.(2) The effect of decimalization on the TSE is of considerable interest because of its direct effect on investors and specialists on the TSE, the largest stock exchange in Canada. As well, it will help shed light on ...
In the case of listed stocks, each location is a node in national network called the Intermarket Trading System (ITS). Unlisted stocks also trade at different nodes on the National Association of Securities Dealers Automated Quotation (NASDAQ) network. Each node of these two networks may have rules for breaking queuing ties among competing orders. Orders may be routed on the networks according to official rules (as with ITS) or order preferencing arrangements (both networks). This paper examines the impact of priority rules on individual markets and networks. The development of the ITS and ... Read More
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