# Tag Info

The "price protection" refers to RegNMS in the US. A stock exchange that does not have the best price must route all order flow to the exchange that does. The SIP in the figure is a consolidated feed that lists the best price among all exchanges. Consider this example: a broker sends a market order to buy JNJ to NYSE where the best offer is \$86.97. ... 1 You could compute index dividend yield from ATM options using linearized put-call parity (assuming index options are European.) The present value of the dividend payment is:$PV(div) = P - C + (S - K) + K(e^{rT} - 1)$where$r$is interest rate to the option expiration and$T$is time to maturity in years. Then the implied dividend is:$d = ...