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Notices
Bridge over ocean
31 October 2025 In Practice Brief

In Practice Brief: A Fractional Solution to a Stock Market Mystery

CFA Institute

Starting in 2021, BRK.A's volume surged due to FINRA rules and fractional share trading, creating phantom volume, distorting BRK.B’s relationship, and limiting arbitrage. A 2024 rule change reduced this, highlighting the need for market transparency.

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