Re:High-Speed Trading Firm Deleted Some Code by Accident
by consz on Friday October 02, 2015 @03:29AM
(#10317169)
The person offering the cheaper price is hurt, because someone offering a worse price is getting filled before him. Essentially, the moral argument of Reg NMS is to enforce price-time priority in a distributed system. Whether it actually accomplishes that is...well, I'll leave that up to you to decide.
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Re:High-Speed Trading Firm Deleted Some Code by Accident
by cpwright on Friday October 02, 2015 @02:52PM
(#10320480)
It enforces price priority, not price-time priority. Exchanges can use pro-rata, etc. at the same price level; and if multiple exchanges offer the same price level, a BD is free to choose any of those to route to.