In general, the mkt mkr/specialist can step in front of the best bid or offer as long as they are improving by a penny or more in the equity and...
i agree, nobody in the right mind would send that order. Just an example to illustrate the process. As for the rule, I think it has it's good...
They very likely are good prints. With reg nms, market makers/exchanges only have to match the inside market for the size indicated, then they...
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