Investigative Services Agencies (fka IVAY)

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What is the National Best Bid and Offer (NBBO)?
NBBO is the consolidated quotation for a single security that is representative of the highest bid price available and the lowest offer price available among participating quoting market centers.


What if my trade doesn't execute at or within the NBBO?
TD AMERITRADE utilizes execution reporting technology to identify orders executed outside of the NBBO during the course of the trading day. In some instances, executions outside of the NBBO are justified based on excessive trade volume on a particular security or market volatility. If not justified, follow-up action may be taken on your behalf to request price adjustments from the market maker or market center.

This may help some understand how they manipulate the market (legally) and make it seem as if the SKY is falling