...can anybody explain why a limit order may not be eligible for price improvement and why anyone would be sending these in? Just something I came across and am unfamiar with... TIA. V.
Think I've seen it too.....only with certain market makers such as Trimark...they like the easy pickings of market orders. As far as most exchanges....limit orders are always available for price improvement.
Equities/NYSE. Basically there are limit orders sent prior to the opening of NYSE to the NYSE specialist. At the open they are not filled (although should be based on the limit level) and are tagged as not eligible for price improvement. Ultimately some ARE filled, at precisely the limit level (should it be hit.)
Never heard of it .....and never seen it in practice, after years & 10's of millions of NYSE shares traded. Would love to see this in the NYSE handbook, though, I wouldn't doubt something like it is there as another "out" for the Spec.
Yes, as a matter of fact you can.....a lot of cross talk in it, but this massive phonebbook can be ordered from NYSE for $50-90 or something like that. I don't believe they will send you the section your looking for...as it seems to be available only to members.
Found the contact info: http://www.nyse.com/regulation/p1020656068597.html?displayPage=/regulation/1022221392702.html Don't think it's worth getting, though.