Friday, August 17, 2018 2:03:56 PM
Many traders hide what they do by placing AON (All or None) orders, which will not show up on L2. If traders want L2 to show FRFS strength, they will hide their Ask amounts in this way. Simply put, there could be way more FRFS offered than shown on L2.
By the same token, those that are on the FRFS Bid, may not want to show bid strength, in order to keep the FRFS price down. Say they have a 10,000 FRFS share .0444 Limit Bid (AON), it will not show on L2. If the L2 FRFS Bid should drop to say .041, and 10,000 shares are sold at .041, it may show a sale at .044 or somewhere between the Bid/Ask showing on L2.
Many interpret this as MM manipulation, but it is just the workings of the market on account of AON orders. L2 is not totally reliable, when it comes to actual strength or weakness of FRFS. It only gives an indication.
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