Another strange day of bid and ask prices by the market makers.
Once again I had open orders in to buy at .22 and .23 all day for a total of several hundred thousand shares, yet the fills on those orders were just a little over 50,000 shares.
Again the market makers played their little game of posting a trade at .225 then immediately filling my order at .23
Obviously I would much rather pay .225 than .23, but unfortunately my brokers all require that order prices be placed at full cent increments. That should not stop the broker from filling the order at less than bid price, however, since the understanding of a limit order is "not to exceed" on buys and "not less than" on sells.
This practice resulted in either the seller getting less than he/she should have or me paying more than I should have on those trades.
Also, this nonsense, besides costing me the $0.005/share difference, results in a double counting of the trading volume for those transactions.
And despite the presence of open orders at .23 the bid was reported as .225 much of the day. That makes you question just how accurate the bid and ask quotations are on a regular basis since they are said to be the "best" bid and "best" ask available.
Very typical of the kind of improper actions that market makers in OTC stocks are accustomed to getting away with! Let's hope that the new BBX, which EDIG will move to later this year, will help to curb these games.
AI
