Avid Bioservices Inc (CDMO)

[Protector]

bidrite, unless you have specified options with your PPHM order such as AON (All or Nothing), Hidden, etc the MM cannot play games with your order.

The MM may only remove the order from the quite stack in limited circumstances (e.g. in an all or nothing he may be filling all day to much your prices by averaging buys and might/will at a given moment set the 'no more cancel' flag at which point you cannot cancel the order that is meaningful filled at the MM awaiting completion).

So if you have place a large order at 4.11$ and you don't see it then probably someone is in the stack between 4.11$ and 4.99995$ and not meeting the ask. You would then not see YOUR order but the order of the other party.

Electronic trading (algos) do exactly that. They get in between bid and ask and scoop then resell. Well that is one of the many algos. MM like it and don't like it. They like it because they do not need to make market as those bots represent market quotes. They don't like it if they need to fill themselves because the bods kind of are in the way of maximising profits. There has been a lot of discussion about all this and there are two camps with opposite opinion.

If however you have NO OPTIONS set with your order and we touch 4.12$ then there is NO EXCUSE and you need to be filled at 4.11$

AIMO