SEC Proposes Decimal Switch for March

The Securities and Exchange Commission on Thursday proposed ordering U.S. stock markets to convert to decimal pricing on March 31, which would push back the original start date by nine months. . . . Members of the group of brokerage firms that owns Nasdaq, the nation’s largest electronic stock market, are voting strongly in favor of selling it off, people familiar with the matter said Thursday. Results of the vote, which could lead to a spinoff through a two-step private placement, might be announced today by the National Assn. of Securities Dealers. . . . Genome Therapeutics Corp. (GENE) postponed its follow-on public offering, citing, in an understatement, market volatility. At least 15 initial public offerings have been canceled amid Nasdaq’s swoon.