InvestorsHub Logo
Followers 287
Posts 21275
Boards Moderated 4
Alias Born 09/16/2009

Re: giaiv22 post# 4538

Sunday, 07/19/2015 5:05:41 PM

Sunday, July 19, 2015 5:05:41 PM

Post# of 19353
You cannott "hit" the Bid for All or None, such orders are not displayed in the first place:

6460. Display of Customer Limit Orders

(a) Each OTC Market Maker displaying a priced quotation in any OTC Equity Security in an inter-dealer quotation system shall publish immediately a bid or offer that reflects:
(1) The price and the full size of each customer limit order held by the OTC Market Maker that is at a price that would improve the bid or offer of such OTC Market Maker in such security; and
(2) The full size of each customer limit order held by the OTC Market Maker that:
(A) Is priced equal to the bid or offer of such OTC Market Maker for such security;
(B) Is priced equal to the best bid or best offer of the inter-dealer quotation system in which the OTC Market Maker is quoting; and
(C) Represents more than a de minimis change in relation to the size associated with the OTC Market Maker's bid or offer.
(b) The requirements in paragraph (a) of this Rule shall not apply to any customer limit order:
(1) That is executed upon receipt of the order.
(2) That is placed by a customer who expressly requests, either at the time that the order is placed or prior thereto pursuant to an individually negotiated agreement with respect to such customer's orders, that the order not be displayed.
(3) That is an odd-lot order.
(4) That is a block size order, unless a customer placing such order requests that the order be displayed.
(5) That is delivered immediately upon receipt to a national securities exchange or an electronic communications network that widely disseminates such order and that complies with paragraph (c) below with respect to that order.
(6) That is delivered immediately upon receipt to another OTC Market Maker that complies with the requirements of this Rule with respect to that order.
(7) That is an all-or-none order.
(8) That is priced less than $0.0001 per share.



Simple fact is in order for a sale to happen to the Bid, the Bid first must meet the minimum size required for display and then of course not be an AON order or requested not for display by the customer. In order for a transaction t occur at the Bid means someone had sold shares to the Bid and nothing more.

Once again "Wash Trades" are clearly defined by the SEC, do you have a document from Regulators that shows another definition or not?

As to 100 share transactions, there are far more reasons for 100 share transactions to occur on the Bid that are in fact legitimate sales. Regulatory Fees being one of them, and at one point last year a common occurrence on these OTC securities.