Avid Bioservices Inc (CDMO)

[Protector]

bidrite, then it is not the MM but your broker.

Every broker platform has 'filling algos'. They use a mix of direct market book access (in this case NASDAQ) and ECN book (directly and not via National Best Bid).

One of the things brokers do is performing the 'show only'. You order, say, 10K shares is devided in pcs and they place it on the market as a smaller order of which they change the size as parts get filled. The MM and other market participants do not see your total order and hence cannot anticipate the by moving the price. Otherwise they could see a, say 100K order, and directly start pushing the Ask price up.

Furthermore, depending on two possible strategies, your broker can keep the priority of the first ticket. If 'pegging' is added then they do this even over different prices.

AIMO