Is there a minimum number of contracts per order that is required in order to be posted on the NBBO and hit if a bid or ask higher or lower is hit? It seems like under 5 contracts sometimes doesn't show up on the NBBO and can remain unfilled while slightly higher asks or lower bids are hit. Thanks.
1 contract must be shown on the exchange if the best.if your order is not shown, your broker might be holding it in their system.
Thanks for that. Can a higher ask or lower bid be hit prior to my best even if it gets hit on a different exchange than where my order rests?
I'm going to assume we are talking about equity option exchanges not futures with options. On every equity option exchange in the US there is a best execution responsibility. That basically means no trading through the NBBO. They have to fill your order at your price before trading at the next price. However, that does not apply from one exchange complex order book to another and only applies to orders held on the electronic book at the exchange. If you order is held in some option dark pool, it would not be protected. 1245