Is there any rules that allow Market Makers or Specialists - NOT have to report trades immediately ? How can trades be hidden ?
they can't be hidden. Z print trades are late reported trades. they are not reported late on purpose.
Dark pools. They are becoming an ever-increasing % of total volume. All the big brokerages have a version of these off-exchange platforms. The sole purpose is for the big players to tilt the playing field so the house always wins. They must be bitter over what the Internet did to level the playing field.
You hide the orders with the dark pools, but the prints (in theory anyway... I wouldn't doubt that the SEC lets GS not report trades they don't want to) still show up as T(hird market) prints in the time and sales.
Is there any more info out there on whether these dark pools will be allowed to continue ROBBING us of market information? This is insane.. I'd rather insider trading than these dark holes of missing information!
stock, please stick to the shallow end of the pool...i.e. how you think there is no credit crisis, and the resesssion is made up. Anything to do with the innerworkings of how prices are reported? you have no clue. Yes you can delay reporting trades to the tape. This happens all the time in the 4 letter market, not so much listed. I doubt you can decipher how late the trade was, but it is reported ".sld"
I don't trade stocks I trade futures. Eurex has block off exchange transactions which are reported late. Its was suggested that if it presents a problems to one's trading that you use tick volume instead total volume.
Iceberg Order A large single order that has been divided into smaller lots, usually by the use of an automated program, for the purpose of hiding the actual order quantity. http://www.investopedia.com/terms/i/icebergorder.asp Ecry also offers iceberg order.
Check out one of the recent issues of SFO. They had a great article about it. Reg NMS is "supposed" to allow this. I do not see how the SEC allows this.........except that the SEC is an old-boys network of people from the industry.