Patient Access Solutions Inc (PASO)

[Tsunamieater]

Do Not Represent, is the way they enter them. Either Clients OR MMs can hold orders without representing them on the Level II. But they need to have large enough order flow to get the orders (Buy or Sell) to execute the hidden ones. Only the MM that has order knows its there.

Ex. I give NITE an Order to buy 100k of PASO at .057 "Don't represent" NITE won't reflect the order on level II but if NITE is offered stock for sale at .057 or better they will take it and nobody ever saw the order on Level II. If CDEL gets an order to sell and doesn't call NITE the order will go to the MM on Level II bid and NITE never saw it. So it's a bit of a double edged sword unless you give multiple BUY orders to multiple MMs.

I hope that made sense.