Exclusive: SEC scrutinizes fairness of stock exchange pricing

This doesn't apply to the complex order books, right?

 

Not sure. I think it does on that exchange but maybe not when the NBBO are on different exchanges.

 

Linkage and spreads and hidden liquidity are exempt - with rare exception. You can search Google for a full description. It been in force since 2009.

 

Lot's of filing memos - Linkage is a decade old and there is actually a linkage authority created by the regulatory environment.

 

I’m familiar with linkage. It was created to stop locked markets.

 

"I’m familiar with linkage. It was created to stop locked markets."

I would encourage you to read the filings - it's so much more than that.

 

I encourage you to read my bio. I was a floor member on the Amex from 1983 to 2010 and toward the later years a floor official enforcing the rules of the exchange. I understand why it was created and was there when it happened.

 

Good luck and you may want to actually answer the OPs question to you.