Existing literature documents a significant post-decimalization decline in inter-market quote competitiveness. We show that this result is due primarily to the decline in 100-share NBBO-matching quotes posted by NASDAQ. Particularly, after decimalization, such quotes decline by more than 90%. At...

We run an experiment where professional traders, endowed with private information, trade an asset over multiple periods. After the trading game, we gather information about the professional traders' characteristics by having them carry out a series of tasks. We study which of these...