Have been gone practically all day and see no one stepped forward to address your question.
As I know it, every morning the MMs jump in with sortofa first come, first served, place in line. Starts at 7:30 Eastern. They then can shift around at any time like going from a .0004 bid to a .0005 bid, take their place at the end of the other .0005s waiting, and the time shown for when they do that is there. They can be on the bid at .0005 and asking .0006 (but can sell at .0005 any time they wish). If in the lead can sit there all day making 20% at the 5/6 pps like SSGI did yesterday or the day before.. They can jump in ahead of anybody to buy at the ask. Can be bidding .0005 and buy .0006s whenever they can and not change their place in line until they run out of shares or money. So we don't really know which MM made a particular trade unless it so happens when a trade is made they disappear from the bid or ask. There is a Level III board that they have which shows the size of their offering or desire to buy. I think they also trade their own accounts at will. You want to buy, I want to sell, they grab a commission from both of their clients. I was told recently that they put AON trades at the end of their list. May have to chance multiple trades geting what you want to do so I wouldn't want to put in a large order eod likely to be broken and have more commission the next day. Sorry, I'm getting too far afield.
