Spongetech Delivery Systems, Inc. (fka SPNGQ)

[Dragonwing]

This might help some people




Condition - A modifier representing additional information regarding the quote.

A - Depth on Ask side
B - Depth on Bid side
F - Fast trading
H - Depth on Bid and Ask
I - Order imbalance
L - Closed quote
N - Non-firm quote
O - Opening quote
R - Regular, two-sided open quote
S - Regular, one-sided open quote
Y- Regular, one-sided open quote
W - Withdraw
X - Order influx
Z – No Open/No Resume

Fast Market Conditions

“Fast market conditions” describe a hectic and bust condition when orders are coming in too quickly to be handled smoothly in a balanced market and prices are usually very erratic. When the herd mentality takes over in a down market, for example, more people are willing to sell at a certain price level than there are people willing to buy. This imbalance creates competition for any order to get filled first at specific price levels. Traders and floor brokers can be frantic and overwhelmed by the sheer volume of incoming orders. They are trying to get orders executed at the best available prices but are deluged by the heavy volume and can’t keep up.

Then several events take place:

(1) Incoming orders are given preference over reporting filled orders, primarily because the floor broker needs to sign or endorse each filled order and doesn’t have time.

(2) Because everyone is working faster and at a heightened stress level, this is a time when errors are more likely to occur. Exchange officials recognize this situation and declare a “fast market.”

(3) An “F” designating the fast market condition appears next to the last trade price on both the exchange floor quote boards and most quote vendors’ screens.

(4) The rules of trading officially change at that point. Floor brokers are not held, meaning they are not responsible for bad fills, good fills, or filling your limit orders at all, even if the price trades through your order.