On NYSE stocks I'll get fills from the specialist when resting $0.10 to 5$ outside the inside on arca, depending on the stock. Does the AMEX specialist offer the opportunity?
Regulation NMS is changing our world. http://www.sec.gov/rules/final/34-51808.pdf Exchanges & ATS's mandated to share top and depth of book. At present most only share top so based on this rule they ship orders to fullfill obligation of quoted outside markets then conduct a sweep or auction to finish up the order local. When depth is included, this opportunity to get filled beyond a public bid and ask will be mostly a thing of the past. But there is always the Dark Pools. Happy Trading, Greg
I believe that last I checked, the proposal to include, in Regulation NMS order protection, the depth of book, beyond simply the top of book, has been rejected by the SEC. If I am wrong, please post a link or other citation giving the details.