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Transcript of PRICE LEVELS
A market flow order from broker A comes in to buy 15,000 shares of ZYZ
Resting on MATCHNow's Liquidity destination:
Sell 2,000 Shares ZYZ
Sell 2,000 Shares ZYZ Broker B
The order sweeps a total of 4,000 shares at midpoint
, $10.05, by
first matching 2,000 from broker A (broker preferencing) and then moving to the 2,000 from broker B
There are 2,000 shares resting on MATCHNow with a Minimum Price Improvement marker
Broker A with 1,000 ZYZ Shares
Broker C with 1,000 ZYZ Shares
2,000 shares get filled at Minimum Price Improvement:
1,000 from broker A (broker preferencing)
then moving to the 1,000 from broker C
both at a price of
The remaining 9,000 shares are eligible for At-The-Quote Trading* on MATCHNow.
There are 15,000 resting at the Quote for ZYZ.
8,000 from broker A and 7,000 from broker H.
The order sweeps this liquidity for the remaining 9,000, first matching Broker A (broker preferencing) and then broker H. The order gets filled at the National Ask: $10.10
There are 11,000 shares left of the Aggressive order
At The Quote
Caps the price improvement provided by the passive participant to the regulatory minimum of 1 tick, or ½ a tick when the spread is 1 tick wide.
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