They don't "reflect" those orders. That is a double edged sword. The market has to move through your market and have enough liquidity to cover "orders ahead" and your execution. I don't like AON, and I detest Etrade executions. They execute electronically, and their customer service and clearing have the stupidest idiots in the industry. Don't even get me on the trading room. I don't know how they ever passed their exams.