Thus, research on the topic is far from being conclusive. As a result, it is simply not known whether narrower spreads will result in savings for investor. If the fraction converts to a point midway between two pennies, it will be rounded down. Firms should use a similar algorithm for internal processes and for calculating net change from the opening prices on the first day that the security trades in decimals. Open orders will always be rounded to the advantage of the investor.
Decimalization affects nearly every area of the securities industry.
Each system that computes, compiles, stores, or displays fractional pricing must be converted to accommodate decimal pricing. Adequate training for floor specialists and traders needs to be developed and provided. The investing public must understand the changeover. The New York Stock Exchange formed an Operations Advisory Committee in September 1997 and a Decimalization Project Team in early 1999. These groups have led the Exchange's decimalization preparation and coordination.