NYSE to Make Earlier-Than-Expected Move to Decimal Pricing
The
New York Stock Exchange
plans to list all stock prices in dollars and cents instead of fractions starting Jan. 29, 2001, more than two months ahead of the government-mandated deadline.
The announcement was made by Big Board chairman Richard Grasso at a
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TheStreet Recommends
Securities Industry Association
meeting today.
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 U.S. in line with international practices
The process began with a pilot of seven stocks on Aug. 28, followed by an additional 57 stocks on Sept. 25.
