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Re: BlueRayn post# 5360

Friday, 10/18/2013 12:10:05 PM

Friday, October 18, 2013 12:10:05 PM

Post# of 140288
See Rule 6460 to explain why MMs do not have to display the actual size of limit orders:

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:

- executed upon receipt of the order;

- 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;

- a block size order, unless a customer placing such order requests that the order be displayed;

- 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;

- delivered immediately upon receipt to another OTC Market Maker that complies with the requirements of this rule with respect to that order; or

- an all-or-none order.

http://www.finra.org/web/groups/industry/@ip/@reg/@notice/documents/notices/p122114.pdf

Note: A "block Size" order is defined market wide as 10,000 shares or more.



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