Tuesday, September 30, 2008 7:58:03 PM
I am not sure how these MM work, but maybe they bundle up all the orders and do one big trade with a slice for themselves? It was likely not one buyer/Seller.
Also, I would guess that the trading happens in a trading range more than if it was electronic, maybe for the simple reason it is humans setting prices. But, I don't do lvl 2 screens, really don't know.
Lastly, my ignorant (truly) opinion on the delay from yesterday and today is the simple fact that the orders have to be faxed in or something and are not electronic. They must be processed, bundle together or something. I know in Canada they send a fax.. a "pink sheet".
That is all I know. Interesting day.
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