Interesting, I guess it depends on how a broker interprets Rule 612?
... the other issue is whether a buy/sell can be placed on a stock that has no current bid. Scottrade requires a current bid to be able to put in an order.
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17 CFR 242.612 – Minimum pricing increment
Current as of: 2016 | Check for updates | Other versions
(a) No national securities exchange, national securities association, alternative trading system, vendor, or broker or dealer shall display, rank, or accept from any person a bid or offer, an order, or an indication of interest in any NMS stock priced in an increment smaller than $0.01 if that bid or offer, order, or indication of interest is priced equal to or greater than $1.00 per share.
Terms Used In 17 CFR 242.612
Commission: means the Securities and Exchange Commission. See 17 CFR 240.0-1
Share: The term “share” means a share of stock in a corporation or unit of interest in an unincorporated person. See 17 CFR 240.12b-2
(b) No national securities exchange, national securities association, alternative trading system, vendor, or broker or dealer shall display, rank, or accept from any person a bid or offer, an order, or an indication of interest in any NMS stock priced in an increment smaller than $0.0001 if that bid or offer, order, or indication of interest is priced less than $1.00 per share.
(c) The Commission, by order, may exempt from the provisions of this section, either unconditionally or on specified terms and conditions, any person, security, quotation, or order, or any class or classes of persons, securities, quotations, or orders, if the Commission determines that such exemption is necessary or appropriate in the public interest, and is consistent with the protection of investors
"I have both E-Trade and Interactive Brokers. E-Trade allows Market sell orders on trips but only limit buys. A Market sell order could potentially go through at 5 decimals if the MMs decide to make the trade.
With IB I can input a 5 decimal point limit trade with either a buy or a sell but ultimately it is up to the MMs to decide upon the trade price. It is the 5th and 6th decimal places where they really make their money.
The statement "prolly a rookie market sell" could be true for any broker. If the MMs want to steal the shares at quad 5s, then that is what the market price is at that point in time. It was probably someone who is tired of having their money tied up in this ticker for so long.
I don't blame them. There are far too many plays occuring every day to have too much tied up. This is my lotto play. I throw little chunks of profit at $HCTI every once in a while for fun. But there are far better plays every day. GLTYA. Stay green!"
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