SuperMontage vs. ISLD Hidden Orders

Discussion in 'Order Execution' started by bungrider, May 17, 2002.

  1. alanm


    Yes, INCA has a number of bizarre order types, including discretionary orders, which display one price and size but will execute at a better price, should someone post an opposing order that locks/crosses this hidden superior price. From past experience, other than ETFs, INCA subs seemed to be the most common users of these "hidden" orders. Like someone said, their purpose is usually to avoid moving the market for as long as possible.
    #41     Dec 30, 2002
  2. thanks guys
    #42     Dec 30, 2002
  3. so theoretically, taking any offer that is above the current bid is an upbid and may be shorted to??

    my point was that in taking any higher offer, regardless of how much higher that offer is than the bid, you've made a higher bid (remember a trade occurs when a higher bid meets an offer, or when a lower offer meets a bid)...

    in other words, as long as higher bids get shorted to (on downticks) you haven't violated the naz uptick rule...whether your higher bid/lower offer is .001 or .01 up from the inside bid...

    boy, this is confusing stuff!
    #43     Jan 3, 2003