Emma would like to purchase one hundred shares of Barclays PLC through her Hargreaves Lansdown brokerage account. Hargreaves Lansdown charges a £7 commission for online trades. Emma logs on into her account, checks the real-time quotes for Barclays (she sees a bid price of 166.08 and an ask price of 166.14) and submits her order.
a. What is the current bid/ask spread for Barclays PLC shares?

b. If Hargreaves Lansdown routes her buy order to the London Stock Exchange, where Barclays is listed, what’s the potential minimum transaction cost?
c. If, instead Hargreaves Lansdown routes her buy order to the Cayman Islands Stock Exchange, what’s the potential maximum transaction cost?
d. Regardless of how the trade is executed, based on the bid/ask spread, what is the market value of the trade?