The cost of trading is dropping on the Nasdaq Stock Market because of decimalization, according to preliminary data provided by market officials.
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It also handles non-decimal measurements, like feet and inches, or pre-decimalization pounds, shillings, and pence.
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The Big Board announcement came two days after the Nasdaq market said it would study decimalization and decide by Labor Day whether to move.
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Analysts express little concern that decimalization, trading in cents instead of fractions of a dollar, will do much damage to the firms.
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Proponents of the decimalization argue that a narrower spread will increase the competitiveness and efficiency of markets, increase trading volume and improve liquidity.
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Despite the decimalization of currencies in the United States and, later, throughout the British Commonwealth, the name remains in informal use.
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The name sole was used alongside real in Argentina, whilst in Bolivia it replaced the real in 1827 and circulated until decimalization in 1864.
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The decimalization conversion was originally scheduled to be completed by summer 2000, but the commission delayed its order after the Nasdaq asked for more time.
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"We are definitely moving our business away from the NYSE because of decimalization, " said Connellan, the Northern Trust equity trader.
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He pointed to Britain's price tag switch of 1971, for decimalization _ the transition from 240 pence to 100 pence in a pound.
