Why decimal trading in the US is causing such a row
John Wheeler is not a happy institutional trader. A glance at his monitor shows the market has moved away from his offer, again. Wheeler, who heads domestic trading at American Century, explains: 'I just offered a stock for 85 cents. Because [professional traders on the NYSE floor and elsewhere] knew they could buy back stock from me for only a few pennies if need be, they went out and sold for 84 cents, 83 cents, 80 cents and lower. I had the lowest price in the land, but was entirely cut
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