Question about order handling

Discussion in 'Trading' started by Marc to Market, Jan 26, 2004.

  1. It's to my understanding that market makers such as Knight or Schwab are not obligated to reflect orders in excess of 9,999 shares on Level II for Nasdaq stocks. Does this mean that orders of 9,999 shares or less get fill priority over orders of 10,000 shares or more, even if the larger order was received first?

    Thanks in advance!