Beginning August 28, 2000, you will start seeing securities listed with decimals instead of the traditional fractional reporting that has been available since the exchanges began.
Decimal pricing will be phased in in a four step process through April 9, 2001, when all securities on all exchanges will be listed in decimal format.
The rationale behind this change is that investors will benefit from a more exact pricing system that decimals will provide.
SEC Chairman Arthur Levitt said, "Decimal pricing has the potential to significantly benefit investors, and to make our markets more competitive internationally."
For details, see the SEC's Decimals Implementation Plan for the Equities and Options Markets.