You know, the irritating thing about the whole penson issue is this.
They were a discount clearing house that allowed brokers like zecco to trade to the 5th decimal point when full service brokers wouldn’t do it. Now that they are in financial trouble for their actions, they want to restrict and dictate a minimum share price.
In 2007 Penson was at about $35 dollars, and now are on the verge of becoming a penny stock.
I suspect that brokers who use Penson for clearing will either become self-clearing or find a new source.
Penson enabled HFTs and flippers to wreak havoc on the market before the SEC and FINRA put a stop to it by not allowing brokers to display or quote stocks to the fifth decimal.
I enjoy seeing these guys go down for the damage they have caused.
IMO and FWIW.
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