The sterling-denominated funds have recorded relatively modest gains across a narrow spread of returns.

That is in the centre of what is already a very narrow spread.

These new rules are likely to lead to slightly narrower spreads between the bid and ask prices for Nasdaq stocks.

Butler put a full clip into a narrow spread, blasting a shallow hollow in the frozen surface.

The recent growth has lowered mortgage rates, leading to a rush of refinancings and narrower spreads.

This narrow spread was the result of yield-starved investors taking as big a gamble as they dared.

That demand produced a narrower spread and more active trading all week.

There is no question that individual investors who trade in lots of 100 or 200 shares have benefited from the narrower spreads.

There is little doubt that the net effect of the new rules and other pressures for change will be narrower spreads.

But those narrower spreads may change how business is done.