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Re: Slojab post# 312

Wednesday, 12/29/2010 1:09:48 PM

Wednesday, December 29, 2010 1:09:48 PM

Post# of 1377
It doesn't jive with the definition

Intermarket sweep orders are limit orders that require they be executed in one specific market center even if another market center is publishing a better quote. That is, they disobey the order-protection rule. They are typically used by institutional algorithmic investors and not by individual investors.

http://en.wikipedia.org/wiki/Intermarket_sweep_order


Intermarket Sweep Order
A limit order designated for automatic execution in a specific market center even when another market center is publishing a better quotation. When sending an Intermarket Sweep Order, the sender fulfills Reg. NMS order-protection obligations and NYSE Rules by concurrently sending orders to market centers with better prices. These orders are not subject to auto-routing and must be marked with a trade indicator of “F”.

http://www.nyse.com/glossary/1127471914434.html






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