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Re:Stock trade app Robinhood raising at $5B+, up 4X in a year by wocram on Friday March 16, 2018 @12:07AM (#16598550)
It's actually more complicated, nbbo governs quotes but there are a few other things that affect your actual trade price such as exchange fees and price improvement.

For example, every exchange can have the same quote, but a different liquidity fee.

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