Interesting...so theoretically, if all of the volume for a given day was trades by MM's (e.g., say 10 million shares traded) the Level II could show 0 trades. Would the volume still be listed?. If the volume was listed, for a given day, you could compare total volume to the volume shown for trades and the difference would be MM trades.
Not showing the trades on L II would make it even harder for investors to know what is going on. Investors are already disadvantages as they can not short pinks, but hedgies and MM's can.
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