When I get quote on ITOT or IEMG and some times on IWM, I see quotes in sub penny. reuters also confirms that it happens, Can a ordinary investor put limit orders in sub-penny ?

I am not asking about penny stocks or thinly traded stocks.

  • 1
    How many shares are you planning to buy that you think part of one penny per share will actually make a difference?
    – quid
    Sep 19, 2019 at 19:00
  • @quid , materially it does not matter in sub-penny, but my question is not about does it matter or not, but simply is it allowed for ordinary investor.
    – Raj
    Sep 19, 2019 at 19:02
  • @quid I think for options it makes a big difference, because they are traded in lots of 100
    – Money Ann
    Sep 20, 2019 at 6:39
  • Yes, it is available for all.
    – mootmoot
    Sep 20, 2019 at 12:31
  • @MoneyAnn 100 x 25.765 = 2,576.50. That's 50 cents on $2,500. That's 0.02%. In most situations the pennies don't make a difference, this person wants to care about parts of pennies. And IWM is $150/share...
    – quid
    Sep 20, 2019 at 15:33

2 Answers 2


In order to attract orders and trading volume, ECNs offer maker-taker fees. In general, if you provide liquidity, they'll provide a sub-penny discount if filled and they charge you the increment for taking liquidity. A decent broker will pass 'provided liquidity' this rebate along to you.

I recall reading about one ECN that provides a rebate for takers. The intent was to encourage investors and brokers who are trading at the market to trade there. This ECN, if still in existence, is a hotbed for HF traders looking for price discovery.

As for placing orders at sub-penny increments, that would depend your broker's software.


Can a ordinary investor put limit orders in sub-penny ?

Only your broker's software knows for sure.

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