Top of the book Rule

Discussion in 'Order Execution' started by cigarno, May 22, 2010.

  1. cigarno

    cigarno

    Ok.....Thanks
    NASDAQ:
    10.01 x 500
    10.00 x 100

    NYSE:
    10.03 x 500
    10.04 x 100
    Market order at NYSE for 500. All your order will be filled at NASDAQ. Correct?
    By the way are the different ECNs and other exchanges linked to NYSE?!
     
    #11     May 23, 2010
  2. d138

    d138

    Nope, only the top 100 shares will be executed on NASDAQ.
    Yes, exchanges route orders to each other not because they want to give away their market share, but because they're required to do so by requlators. So they all behave very similarly.
     
    #12     May 23, 2010
  3. cigarno

    cigarno

    Thanks a million.....
    final inquiry
    NASDAQ:
    10.01 x 100
    NYSE:
    10.04 x 100
    BATES
    10.02 x 100

    Place and order with NYSE for 200. Ho do you get filled?!
     
    #13     May 24, 2010
  4. d138

    d138

    10.01 x 100
    10.02 x 100
     
    #14     May 24, 2010