When I buy or sell I can select a MM - ARCA NITE BTRD BRUT etc
It means nothing which one someone uses except in unusual situations. As an example at the close if a stock has an offer at 1.25 on ARCA and 1.20 on BEST - someone could but in a buy and select ARCA and put in price of 1.25 and they would get tilled at 1.25 and not the market price of 1.20. So the stock could close higher then the market price.
I do not even turn on the MM column in level II for this stock.
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