While perusing the SEC's site for something unrelated, I stumbled upon Regulation NMS, which among other things, "prohibits market participants from accepting, ranking, or displaying orders, quotations, or indications of interest in a pricing increment smaller than a penny, except for orders, quotations, or indications of interest that are priced at less than $1.00 per share." I regularly see sub-penny prints on my platform (thinkorswim) though -- how is this allowed?
Because broker/dealers, and dark pools can trade in sub pennies, they can now sub-penny your order, its a unfair advantage to the privileged and many of us traders are trying to change that.
So the last trade price is neither representative of an order (or several), or an "indication of interest"?