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

2.   Berner may open a trade with a wide spread he hopes will narrow, or a narrow spread he hopes will widen.

3.   Continental Grain has been left as a middleman, buying, storing and selling grain on increasingly narrow spreads.

4.   For one thing, spreads are set in part by competition, and on only the most liquid and heavily traded stocks would such narrow spreads be possible.

5.   It wants them to trade with a narrow spread between the price at which dealers are willing to buy and the price at which they want to sell.

6.   SOES traders, he says, provide liquidity to the markets and narrow spreads for investors.

7.   That could be a boon for investors, who are reluctant to buy bonds at such narrow spread levels.

8.   The adoption of sixteenths comes as regulators and lawmakers pressure the markets to narrow spreads and make trading less expensive.

9.   The narrow spread signaled to analysts that some bond investors were betting that the economy would not pick up its pace in the second half of the year.

10.   The narrow spreads suggest mortgages are relatively expensive.