Thank you PQR. I hate to sound dumb when I post on this board, because sometimes I get ridiculed. But on the other hand I figure if I have the question, then maybe others on the board do too and we can all learn together.
I'm beginning to wonder if a certified market maker has discretion about the timing of fulfillment of trades, which might include delaying when they are fully executed? Because, at some level, isn't that how the OTC system works?
In an ideal system (I'm imagining), market makers have a bona fide, recognized valuable role to play on the OTC market. They insert themselves between buyers and sellers as middlemen, which presumably means there's a period of time when the MM has taken possession of the shares from the seller but not yet passed them on to the buyer, kind of like the trade is halfway complete.
So perhaps instead of executing the full trade instantly, MMs have discretion to delay its full execution for a period of time. And perhaps that provides the time needed for an order to be cancelled.
Just guessing here as I try to wrap my mind around what's really going on behind the scenes. My sell orders usually seem to execute instantaneously.
Best,
-- OJ
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