If you can't shave pennies anymore on Nasdaq, what market maker or ecn is still getting shaved prints on the time and sales. They get large share lots and nice prices, I am jealous, I want that execution system also. Anyone out there know?
ATD (automated trading desk) will give price improvement (printing between the bid and ask...) ARCA cross orders print at the midpoint (sometime making for subpenny prints...) Pipeline and ISE's midpoint match also print at the midpoint... could also be internalized trades... cheers! matt
Interesting. I notice that the vast majority of the time they are 1/10 cent above a bid or below an offer. Seems like someone is pennying by a fraction.