Does anyone have a link showing which bids MM's must list (or should I say, "are suppose to list") for Level II? I was looking at that information a few days ago, but I can't find the link. My guess is that they do not have to list AON orders. At least, that seems to be the case as I've had some AON orders to buy recently that were higher than the highest listed bid, but my order was not showing up on Level II. Likewise, Level II has been showing the shares wanted at a bid that do not include the shares that were part of my orders (I know, b/c my order amount was higher than the total given for that bid).
PS..I think I had an AON order in earlier today at a price higher than a transaction that occurred at a lower price, even though the quantity was the same. I need to go back over some canceled quotes to verify that though.
