For NYSE/AMEX stocks, INET applies the uptick rule if required. I'm guessing it was a stock that required an uptick. Your order will be marked up to the lowest legal price at which a sale may take place, and then displayed, which is what you saw.
Uptick rule in INET only for Amex/Nyse-stocks? No Uptick rule for Nadaq-stocks? Another question:What about the new INET routing strategy? Looks like a kind of smart-routing. Is it possible to trade only in one ECN? January 31, 2006 AUDIENCE All INET Subscribers SUMMARY As previously announced, INET planned to offer new routing strategies and liquidity flags effective Wednesday, February 1, 2006 pending Securities and Exchange Commission (SEC) approval. INET is still awaiting SEC approval, and as result, the new strategies and liquidity flags will not be available on February 1, 2006. We will keep subscribers updated on the status of our implementation of these changes. The original email to subscribers can be found by clicking here WHAT IF I ENTER DOTN AS A ROUTING STRATEGY? If you enter DOTN as the routing strategy, INET will treat it as a DOTA strategy. WILL THERE BE ANY CHANGES TO THE STGY STRATEGY? No, the STGY routing strategy will continue to work as it does today, accessing all electronic market centers. WHAT IF I ENTER STGA AS A ROUTING STRATEGY? If you enter STGA as the routing strategy, INET will treat it as a STGY strategy. WILL THERE BE ANY CHANGES TO LIQUIDITY FLAGS? If your order is executed on the Nasdaq Market Center or Brut, you will receive a liquidity flag of "R" for removed. If your order is executed on any electronic market center outside of NASDAQ, you will continue to receive a liquidity flag of "X". The "M" liquidity flag will not be available February 1, 2006. WHY ARE YOU DOING THIS? Until INET receives SEC approval for the DOTN and STGA routing strategies as proposed, INET cannot implement them as outlined in the email to subscribers found here. If SEC approval is granted, the changes as proposed in the email to subscribers will be made available to subscribers. INET will continue to provide information as it becomes available. QUESTIONS If you have any questions, please contact your sales representative at sales@nasdaq.com or 800.846.0477. Thank you, INET Member NASD/NSX/SIPC