Rule 6460 also includes parallel exceptions currently in place in Regulation NMS’s limit order display rule (Rule 604 of SEC Regulation NMS). Thus, the new rule excepts any customer limit order that is: 1 executed upon receipt of the order; 2 placed by a customer who expressly requests, either at the time that the order is placed or prior thereto pursuant to an individually negotiated agreement with respect to such customer’s orders, that the order not be displayed; an odd-lot order; 3 a block size order, unless a customer placing such order requests that the order be displayed; 4 delivered immediately upon receipt to a national securities exchange or an ECN that widely disseminates such order and that complies with enumerated requirements with respect to that order;8 5 delivered immediately upon receipt to another OTC Market Maker that complies with the requirements of this rule with respect to that order; or 6 an all-or-none order.
"Far better is it to dare mighty things, to win glorious triumphs, even though checkered by failure...than to rank with those poor spirits who neither enjoy much nor suffer much, because they live in a gray twilight that knows not victory nor defeat."
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