You could supersoes ILND,but then you pay the .002 per share nasdaq fee,as opposed to paying .0019 per share for accessing ISLD.
Just to clarify again ('cause I know Vinny knows this already) you could not SS ILND by choice, rather if you choose to route your order to SS while ILND happened to be the ranking MP in line for the next SS order, then your order would be autoexecuted against ILND via the SS system.
DAT,say a MM fills a Supersoes order for their displayed size and they also have a reserve size,do they get reranked to the back of the line when their displayed size is replenished from their reserve?
Yes because any incoming SS order will -by definition-be executed against all displayed volumes first and then reserve volume if needed. So when there are multiple MM's bidding when a SS sell order is received, the MM with the reserve volume only gets executed for their displayed volume and then go back to the end of the line. ONly when there are no more MM's bidding at that price would their reserve volume be subject to execution providing it was needed to fill outstanding SS sell orders.