They "make the market". They can and do whatever they want. Happens daily and all of it is very very legal. Market makers/dealers have a different set of rules because they "make the market". Now explain to me if it is such BS why VFIN has hardly sold any shares on the ask even though he has been there all day. Watch L2. CDEL and NITE are filling 90 % of the orders on the ask, not VFIN. Strange that a note converter dealer is so restraint with his shares don't you think?