there are regulations against accounting games, insider trading, front running, trading through, etc. etc. ad infinitum. that's why the only good government is self government.
hmmmmm. And pray tell , what would YOU do if you were the spec, didn't have any long inventory waiting to go, and had this happen? If you're saying you'd print 60k shares at the current offer, then I want you to tell me the circumstances that WOULD require a price lift.
as for pennying, i wasn't talking about price improvement - i'm referring to specialists that either 1)move their bid ahead of yours (I don't mind them pegging my bid, since I was there first and am entitled to get filled first); 2)keep yanking out the offer when 100sh hits it or by cancelling it and moving it up a nickel. as soon as they move the offer away from me i have to chuck the trade. they can screw someone else who's dumb enough to chase it.
what i hate the most is when the spec doesn't show any bid ahead of or above me and comes down 20 cents, prints a phantom order one cent above me and takes it right back up 15 cents. tell me this isn't BS!!!!!!!!!!!!! "traffic cop my arse" and btw, they all do it, many many times a day......it is just part of the business now.
you're lucky if you can cancel in such a case.. I often get filled 10- 20 higher and then watch it come right back down...this, in purposeless markets...in markets with real order flow, they still shaft me on the fill, but it sometimes carries through.