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There are already contracts trading at fractional cent prices. For an example see treasury bonds listed on CME. According to CME document[1] margin and option premium calculations round the amount to nearest cent. I suppose the same happens at settlement.

[1] https://www.cmegroup.com/trading/interest-rates/files/Treasu...

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But then you can arbitrage it. Buy 10,000 times 1 share, sell 10,000 shares. You can't really do that in the bond market, but you can in the equity market.

I think practically this would have to be solved by the equity brokers. All the intermediary accounting done in fractions and only rounded once cash leaves the broker.

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