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A comment on Nanex Gets $700k Whistleblower Award from SEC. Parent comment

Re:Nanex Gets $700k Whistleblower Award from SEC by kasey_junk on Wednesday March 02, 2016 @05:38PM (#11213617)
How does priority work on fully hidden orders? Are they always at the back of the line?

Thanks for the clarification on the NBBO ramifications on wholesalers. I have never worked on a order flow trade and would love to see an insider account of them (its sort of what I was hoping Flash Boys would be about).

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Re:Nanex Gets $700k Whistleblower Award from SEC by minimax on Wednesday March 02, 2016 @05:44PM (#11213657)
Yeah for a given price, fully hidden and the non-displayed portion of iceberg orders will be ranked (generally by time priority) behind any displayed shares. Most of the rules are meant to incentivize displayed size.
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Re:Nanex Gets $700k Whistleblower Award from SEC by jnordwick on Wednesday March 02, 2016 @06:10PM (#11213815)
Non-displayed orders and the non-displayed portion of iceberg orders are generally put in the back of the line behind all displayed liquidity. There are some exceptions, such as the BATS "hide not slide" order.
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