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Trades in the US can just go to the tape (the ADF). This is common with certain block trades and certain trades linked to derivatives. There is a flag on those trades to let you see that they are "average priced trades" or "derriv linked trades"...


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Most likely you are missing something as any new order can't bypass the existing orders. The only possibility that comes to mind is if you have anti-internalization set and the broker is trying to hit his own quotes. Say broker A has two quoting systems running and they would otherwise interact. Anti-internalization would not allow this broker to trade ...


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I couldn't find the paper linked but typically "flickering" an order, is a special case of quote stuffing where the trader either puts out and cancels an order as fast as they can or CFO/modifies an order up and down by a penny when it is outside of the top of book quote. The goal typically is to either slow down competitors quotes by flooding the gateway ...



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