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SEC Price Study Finds NASDAQ Is Costlier Than NYSE
The SEC has released a study comparing the "spread" (i.e., the difference between the actual price to an investor and the midpoint between the posted bid and ask prices) on stocks traded on the NASDAQ and the NYSE (for market orders of 100 to 499 shares).
The study differentiates between stocks that are very large (including stocks identified by NASDAQ as very large), large (more than $1 billion market capitalization), medium (market capitalization between $200 million to $1 billion) and small (market capitalization less than $200 million).
SIZE
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NYSE
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NASDAQ
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Very Large
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8.3 cents
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7.1 cents
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Large
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9.3 cents
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15 cents
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Medium
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9.7 cents
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20.6 cents
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Small
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8.8 cents
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16.4 cents
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Source: Wall Street Journal, January 9, 2001
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