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> If I submit a buy order for 10 shares of GOOG with a limit of $1134 that order is going to show up in the data stream of HFTs only after it has become a valid
by foobarqux 13y ago
> If I submit a buy order for 10 shares of GOOG with a limit of $1134 that order is going to show up in the data stream of HFTs only after it has become a valid open order on the exchange, right?
No. Your broker might send order flow to HFT firms for payment. They have to fill you at the national best offer if they want to take the trade.
The other thing that can happen is that if your order is not marketable at the current exchange you are trading at but is marketable at another exchange then the first exchange can sometimes "flash" the order to selected participants to see if they want to fill the order so you can avoid forwarding the order to another exchange.