1.   Default risk will be measured by the price spread on the two bonds being compared.

2.   The SIB defines liquidity as the ability of a market to accommodate transactions of reasonable size at acceptable price spreads in a short space of time.

3.   As the daily oil quotes reveal, the price spread among worldwide producers is modest.

4.   But the price spread was relatively small compared to today.

5.   Fidelity makes these extrapolations to protect itself from speculators who might try to take advantage of price spreads between the fund and the underlying market, analysts said.

6.   Fidelity says its pricing method is intended to discourage speculators who attempt to use its funds to profit from the price spreads between markets in different time zones.

7.   That, in turn, has led to allegations that the large price spreads are evidence of price-fixing by dealers in the market.

8.   Under a decimal system, share prices would be expressed in pennies, further narrowing price spreads.

9.   Allowing customer orders to compete with dealer quotes could narrow the price spreads on Nasdaq, he said.