I know the NYSE NX system is good for up to 1099 shares,that you can only nx the same stock same side once every 30 seconds,and that you can't use nx if he is showing a 100 share bid or offer.I still have a few questions and concerns over it though: 1)If he is showing a quote of say 5x1,can you still nx the bid,even though he is showing a 100 share offer? 2)Can you get price improvement with an nx order? 3)Can you nx the same stock several times during that 30 seconds,if the total amount of shares during that 30 second interval is not greater than 1099?For example,you nx the stock for 100 shares,then 1 second later you nx the stock for another 200 shares.Or must you wait 30 seconds to nx the second order for 200 shares? 4)If you place an nx buy order at a price lower than the offer,does it become a regular limit order allowing it to get price improvement potential? 5)If you place an nx sell order at a price higher than the bid,does it become a regular limit order allowing it to get price improvement potential? 6)If you place an nx order to buy 2000 shares at the offer,does only 1099 shares turn into an nx order,while the remainder becomes a regular limit order?
1. yes 2. no...if the nx order is not executed immediately it will become a regular limit order and is then eligible for price improvement. 3. no, you must wait 30 seconds. (echo's software will automatically send the order out as a regular limit order) 4. yes 5. yes 6. no
So what happens with your order on question #6?Also,will an nx order to buy at the offer or sell at the bid fill faster than a limit order to buy at the offer or sell at the bid?And what happens to your order if you do try to nx a 100 share bid or offer?
It becomes a regular limit order automatically. Yes, as long as the bid/ask is NX'able (more than 100 shares, no better price on another market, 5 cent rule, etc.) It becomes a regular limit order. Cash