3 ms·
CQS/UQDF is standard as a failover feed for HFT firms, at least ones I've worked at. You're right about how Reg NMS works for IOC's. For DAY orders, you must c
by consz 13y ago
CQS/UQDF is standard as a failover feed for HFT firms, at least ones I've worked at.
You're right about how Reg NMS works for IOC's. For DAY orders, you must clear all shares at all prices equal to or better than X (in your case, you must be all shares on EDGA/EDGX at both 9.99, 9.98, AND 10.00).
- Kranar 13y agoNah the poster above you is right for all cases. Reg NMS only protects the top of book quote regardless of the time in force specification. Source is page 140 of the following SEC publication on Reg NMS: http://www.sec.gov/rules/final/34-51808fr.pdf http://www.sec.gov/rules/final/34-51808fr.pdf "Over our dissent, the majority voted to adopt Regulation NMS on April 6, 2005, approving a trade-through rule protecting quotations at the ‘‘top of book.’’"