Is this "rule(practiced religeously??)," just an etf thing or does it apply to all that Isld participates in?
HOW DOES THE DE MINIMIS EXEMPTION IMPACT MY TRADING? As a result of the trade-through rule, the Island system will perform price checking at the time of order entry and afterwards to ensure compliance with the trade-through rule. Below is a description of these checks. Order entry - At the time of order entry, every order will be checked to ensure that it does not cross the market by more than three cents. If an order crosses the market by more than three cents it will be repriced to be exactly three cents above the offer (for bids) or below the bid (for offers). Example: The National Best Bid in QQQ is $25.00. Island Subscriber enters an order to sell at $24.96. The Island system will automatically reprice the order to $24.97. Post order entry - An order entered for display will not be impacted by the trade-through rule after it is accepted. A non-display order, however, may be cancelled from the Island book with the reason code of #DNT if the market moves through the order by greater than three-cents after the order is accepted. Example: The National Best Bid in QQQ is $25.00 Island Subscriber enters a non-display order to sell at $24.97. The National Best Bid in QQQ becomes $25.01. The non-display order at $24.97 will be cancelled with the reason code #DNT.