Can some one clear up these 3 situations for me? 1. On NYSE, lets say the specialist speads the stock 50.25 x 50.50 by droping the bid from 50.48. Lets say I want that next print to go long, who has priority a) A limit order at 50.30 that was on the books before the spread happen. b) A limit order at 50.30 that was entered after the spread. c) a market order entered after the spread. In this situation, lets say he's going to print 50.30 or lower so the limit will get triggered. 2. NYSE that's trading at 50.48 x 50.50 and the specialist is only showing 100 shares on the offer and there are no ECNs. Lets say I enter a ARCA market order for 1,000 shares and the next ARCA offer is at 50.55. Can I get filled above the NYSE offer? 3. NASDAQ stock, i have 1,000 shares long and I hit ARCA market sell. the bids look like this: ARCA 50.50 200 INET 50.50 200 BRUT 50.50 600 ARCA 50.49 800 Now would I get a full fill at 50.50 or will an ARCA market sell only hit the ARCA books and ignore what else is on the bid?