Series 7: 17.4.1. Format Of Quotations

Taken from our Series 7 Online Guide

17.4.1. Format of Quotations

Bids and offers on equity securities in all the secondary markets are priced at the penny level, as long as the stock price is above $1. Stocks that trade below $1 can be traded at increments of $0.0001 or more. In other words, sub-penny pricing is only allowed for stocks that trade at less than $1 per share.

Recall that bids and offers on corporate bonds are typically quoted in eighths of bond points. Municipal bonds are also quoted in eighths of a bond point. Treasury bonds and notes are quoted in 32nds, while Treasury bills are quoted on a yield which is a discount to par.

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SUMMARY TABLE
Security	Quoted In	Example Bid-Ask
Stocks	Dollars and cents	35.23 – 35.30
Corporate bonds	Bond points (in eighths) or yield (in basis points) Yield may be the number of basis points above a Treasury bond	89 1/4 – 89 3/4 $892.50 – $897.50) +275 would mean 2.75% higher than the yield of a comparable Treasury bond
Treasury bonds and notes	Bond points (in 32nds)	89.16 – 89.24 ($895 – $897.50)
Treasury bills