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Re: ThePennyGuru post# 270870

Thursday, 07/24/2014 11:53:38 AM

Thursday, July 24, 2014 11:53:38 AM

Post# of 312014
For a single BROKER/BROKER DEALER, it doesnt represent every single order for .091 shares, it only represents the customer in that brokerage or under that SINGLE broker dealer. If there are 3 other brokers who have orders at .091 for lets say 5,000 shares, 7500 shares and another at 7500 shares those orders are not included in that SINGLE SIZE on the NBBO. Those orders however can be completed as a single order by another broker dealer who sees these orders on their level and completes the transaction.


Now the other example, if I had an order for 40,000 shares and request that I do not want to display actual size, the order is simply displayed as 10,000 shares and that is it. If someone sells 20,000 shares the displayed size WILL NOT CHANGE since all I am displaying are 10,000 shares and that is all. If someone else from my same brokerage/broker dealer wants 9.2 shares that is combined with my order and will display 19,200 shares on the NBBO and that is all.

So is there something to refute the FINRA rules or not? I have provided actual documentation showing the requirements and nothing is being produced to refute those rules in place.