Hot answers tagged electronic-trading
The flickered orders are postonly bid at 15.16. The exchange slides it back to 15.15 to avoid a locked market. Submitting firm sees the slideback and cancels. Then tries again. When the 15.16 offer is executed or cancelled out, the offer moves to 15.17 then the postonly bid at 15.16 goes through at the targeted price and gains good queue position.
I think there is a straightforward answer to this: The associated costs of changing trading hours need to be justified by the benefits. Exchanges, regulators, and large market participants such as banks, hedge funds, buy side long-only funds very closely communicate and weigh pros and cons when considering changes to trading hours. Obviously motivations ...
Each venue will allow diferent order types, and will have different matching rules (the queue positions you mentioned), so this is not general to the whole market, but this is a paper from Nyse that is pretty much explains most of the order types I have heard of: http://www.nyse.com/pdfs/fact_sheet_nyse_orders.pdf Also, one factsheet/regulation from the ...
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