Thursday, July 19, 2012 6:01:19 PM
CANT is on the ask at .0008 for 1,000,000 shares. NITE is on at .0009 for some amount. NITE gets a buy order for 500,000 shares at .0008. If they have the shares or decide to sell naked, which an MM can do, then they cover the order themselves and CANTs 1,000,000 doesn't change. If it is a naked sale, the MM has to find and deliver the shares within three days or it is a "Failure to Deliver", which they still have time to correct before getting their hands slapped.
Hope that helps.
GLTA
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