Delcath Systems Inc (DCTH)

[H2004]

A possible answer to a very interesting question...

"...in promulgating Rule 612, the SEC explicitly allowed for trading in sub-penny increments (the “Trade Exclusion”) so that liquidity takers (e.g., retail traders using market orders) might avoid paying even this penny spread by routing marketable orders to non-exchange “dark” venues such as dark pools and broker-dealer internalizers.2 For instance, where the NBBO for a...

...security is $10.01 x $10.02, a trader might seek to sell at a price that is better than the national best bid of $10.01 by routing a marketable sell order to a dark pool in hopes of crossing with a buy order at the midpoint of the NBBO (e.g., $10.015). If a trader seeks to move a large number of shares, the half-penny advantage in this example may become decisively important to her choices."

https://eml.berkeley.edu/~jmccrary/Bartlett_McCrary_201509.pdf

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