Institutional Investor (October 2)
The Securities Exchange Commission is conducting a pilot program to determine whether a wider tick range will help drive liquidity and research, while reducing volatility. “Proponents believe a wider spread–$0.05, instead of the current $0.01 on exchanges—will lead to more displayed liquidity and thus an easier trading regime.” Over the next two years, 400 stocks will trade at the widened tick, while 1,200 stocks will serve as a control and two other groups of 400 stocks will test the effects of other variations.
New York Times (March 27)
The European regulator should follow the lead of the Federal Aviation Administration and require two people in the cockpit at all times. “No safety policy will ever anticipate every situation. But requiring two people to be in the cockpit during flight is a sensible step to reduce the risk that comes with leaving the lives of dozens or hundreds of people in the hands of just one pilot.”
