January 31, 2014
I have recently concluded a three week fact-finding review with approximately three hundred of my former Wall Street colleagues. I am pained to inform you that the mood in the the community is one of abject hopelessness. Practically all with whom I spoke pointed to the one-cent minimum price variation (MPV) as the major factor preventing them from producing a world class market.
It is with this in mind that I urge the IAC to follow the recommendation of Stephen Holmes supporting the implementation of a pilot program.
Last October, the highly respected market reporter, Michael Santoli, asked in an article: "Could Fixing Our Rickety Stock Market Cost A Mere Nickel?" The answer to his prescient question is a resounding "Yes" Recently there has been growing sentiment for a change in the tick size as a way to restore sense to the marketplace.
It is with sixty-four years of honorable service to the Wall Street community that I petition you to set the MPV switch at 5 cents. Such courageous action would begin the process of redressing the grievances visited upon our equity markets in recent years.