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Monday, August 14, 2017 1:07:44 AM
Your broker has a queue to trade DNAX. If two parties who are both customers of your broker have buy and sell orders that match up, your broker will fill those orders without the participation of any market makers.
If two brokers who use the same market maker have buy and sell orders that match up, that one market maker will fill those orders without the participation of any other market maker.
If two market makers have buy and sell orders that match up, they will collaborate to fill the orders.
A trade can be partially or completely filled at any of three levels. In the event of a partial fill, either an additional part or the rest of the order can be filled at any of the three different levels.
It should be obvious that even if some of your shares are sold from a partial fill of the sell order, anyone selling through a different broker can potentially do it without any interaction with the queue where your shares are first in line.
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