Phil Mackintosh, the Chief Economist and a Senior Vice President at Nasdaq, will lead a discussion concerning share price level and liquidity. Mackintosch has been studying the interesting tradeoff between low priced stocks, the bid/offer spreads of which are frequently constrained by the current penny tick, and very high priced stocks, the round lot prices of which are often so expensive as to be out of the reach of most investors. Of particular interest are the notable number of stocks splits in 2022 after a long period with very few such splits. Both tick size and round lot size have recently been topics of SEC attention with regard to already implemented and possible future revisions to the Reg NMS market structure rules.
Mackintosh writes the highly informative blog, Market Makers, available on the Nasdaq website. Prior to joining Nasdaq, he was the Head of Trading Strategy & Analysis at KCG/Virtu Financial.