NMS 612--Yeah Right....

Discussion in 'Trading' started by Chartiste, Feb 23, 2007.

  1. NMS 612 was supposed to have eliminated sub-penny orders several years ago. Yet I am constantly having people step in front of me with their .001s. Today, for example I am the only level 2 quote at 54.04 on KLAC with 100 lousy shares. Then someone joins me on ISLAND/NASDAQ with 1000 shares showing....fine...I was first in line, they'll easily me take out. WRONG, 7000 shares then print at 51.0399 and the stock drops 10 cents. This is F****** bullshit and it happens ALL THE TIME.

    I have written to the NASDAQ three times in the last year to complain about the violation of the rule (my dutiful software package blocked such orders accordingly when the rule was implemented in 2005). However, when I last heard back from the NAZ some months ago, they said simply that they were "looking into it". Since they are not serious about enforcing this rule, would anyone be willing to divulge the quote/trade entry software that still permits these orders.

    If you can't beat em.....