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Sounds like you are agreeing with me, that it was not a trade on exchange.

>> If it was truly "off market" then there is no requirement to report those to Nasdaq or anyone else in real-time. Off market trades must be reported to TRF (Trade Reporting Facilities) and according to OP that's where he have seen the trade.

>> He was best bid at 17.10 when two other counterparties exchanged goodies at 17.1001. Yes, I totally agree with your description. OP was at the bid at Nasdaq at 17.10 while two other counterparties exchanged goodies at 17.1001 *off market*. It was offmarket since by reg-nms exchanges...

Ok, but the order described in the first post was clearly internalized. So it was indeed off market, and while you are saying that everybody benefits from it, the author believes that his fill was stolen. In any case, it's not correct to blame HFT for it.

AmazingIndustry, you clearly know what you are talking about. However I want to point out that I think you are mixing together two different things: - Price/slide, PEP etc orders that are happening at exchanges. That's a well documented shortfall of regnms, that's ironically was introduced...

He had a bid at 17.00 on Nasdaq and someone wanted to trade against it. However the incoming order never reached to Nasdaq, but was "stolen" by internalizer that got a look at the incoming order, saw a bid at 17.00 and improved it by 0.0001

Sorry, that's a complete b**t. PIP order can't give subpenny improvement. The order was stolen by retail order flow internalizers.

It's a complete bullshit. The spread on IBM is around 3 cents. Either he is looking at the wrong venue or deliberately provides wrong information.

Nope, started on Wednesday. Trades that happened on Wed are cleared on 21st.

Well SEC fee went down 3 days ago from 19.2 to 18.0. Hope it helps

no

yes

I think the market was pricing it properly. Though the earnings results were generally pretty positive, market was drifting down on the debt concerns.

Release day is May 23rd.

Nope, sorry. However the upside of using BATS routing is that they do it in parallel, so you should not be concerned regarding liq disappearing. Check out ROBB on EDGA, that probably what you want, however I would trust BATS technology more. http://www.directedge.com/Portals/0/docs/Release...

TRIM Routing Strategy

BYX

Well it goes down by 20% in 6 months.

The price is correct. Did you send it to ARCA or it was IB?

That's right it's trade reporting on FINRA. EDGAX became exchanges recently.