From: Bidisha Chakrabarty [mailto:firstname.lastname@example.org]
Dear Mr. Colby:
As a researcher with interest in the trading increment in US equities markets, I have followed the SEC's various proposals to establish some norms with repect to sub penny quotations/pricing. I have also observed that there are not too many scientific studies done to investigate the impact of sub decimal minimum price increment on various measures of trading quality, primarily due to lack of available data on sub penny quotes. I have been fortunate enough to have access to said data, and have some research results which may be of interest to you.
I have had conversations with Cameron Smith (general counsel) at INET ATS and when I informed him that I intend to send my results to the SEC, he suggested that you might be the right person to contact. Please find attached two manuscripts which present the results of my research on this topic. These results have been presented at some national conferences.
Your comments will be greatly appreciated.
Dr. Bidisha Chakrabarty
Attachment 2: Can sub-penny pricing reduce trading costs?