The Golden Lounge

[Jim Bishop]

No uptick rule anymore.

Trades you see on transactions logs and time and sales reports showing up as zero are simply trades going off at under .00005 and rounded down to 4 decimal places because the software wasn't set up to handle 5 decimals.

You should read this study.

"Microstructure of the Pink Sheets Market" by Bolen and Christie.


http://www.owen.vanderbilt.edu/vanderbilt/data/research/1650full.pdf

"The Pink Sheets quotation and trading systems do not have mandated tick sizes. The only limiting factor with regards to price points are the number of digits available in the
electronic systems, which are four after the decimal in the quotation system and five after the decimal in the trading system, corresponding to hundredths and thousandths,
respectively, of a penny!"