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http://finance.yahoo.com/news/DB-Commodity-Services-Files-bw-1473483560.html?x=0&.v=1 No new shares being created until their SEC filing goes through for 100 million more. This is similar (but not exactly the same) as what happened to UNG. Any ideas on how long an ETF share creation...

Off the top of my head, BATS, ARCA, and ISE. Check the ECNs' websites for more info. Lots of dark pools will fill at a partial penny, as well.

midpoint orders

Check to see what ECN was bid 74 and check to see if self help had been declared against them at the time. I'm guessing there was just a stuck quote. Nothing shady.

A guess... You were best bid for 100, and got hit for an odd lot. That would cause your order to no longer be displayed. After you were no longer displayed on the bid the offer came down to your bid price, on a different ECN. The other ECN didn't recognize the undisplayed odd lot at that...

I've been involved with many busted/adjusted trades. I've gotten explanations from NASDAQ that are completely inconsistent and the opposite of the reasoning given for other break decisions. They have a bunch of guidelines. But, it usually just comes down to "we do what we want."

I agree this is extremely annoying. But, I'm not so sure that it's all due to flash orders. Many dark books' order matching rules allow for prints that go off at fractions of the spread. When I'm posting dark liquidity, quite often I'll get price improvement, and partial penny fills are quite...

You took all of the stock offered at 1.66. That moved the market. The unfilled remainder of your order became the best bid on 1.66 with the new offer at 1.67. The "extra" bids that came to 1.66 that got filled before you were bids on other ECNs. Time priority is specific to each individual...

I'm skeptical that these are real, but the Treasury used to issue bonds at these high denominations...

As a general example: You send a market order to buy 1000 shares on NSDQ. The offer looks like this: 100 NSDQ at 10.01 200 ARCA at 10.01 100 EDGX at 10.01 500 ARCA at 10.02 5000 EDGX at 10.02 200 NSDQ at 10.02 1000 NSDQ at 10.05 200 ARCA at 10.05 When you route to NSDQ...

Under Reg NMS, only the top of book is protected. The ECNs aren't obligated to route out after your market order takes liquidity at the best price level. This has nothing to do with dark books, late trade reporting, etc. Talking about this subject with reference only to size at a price, but...

I realize there would be a large premium and time decay. But, the deal breaker is the fact that the dollar value of TBT, over time, becomes completely meaningless with respect to its underlying.

TBT is a horrible long term hold, though. Suffers the same problems as all of the leveraged ETFs do over time.

I'm am looking into purchasing long dated puts on TLT. My thinking is that there will come a time when the Fed will need to raise rates. Suspending disbelief, and actually assuming that the talking heads are right and we will be recovering by 2010, won't Treasuries have to come down as the Fed...

Hmmm, interesting about that fee... Another problem with the oil shares and arbing them was that they claimed that there could be a speculative premium/discount in them. They didn't HAVE to move with oil. If they got way out of wack, they could just claim it was due to future anticipation...

Their Up/Down oil shares (UOY/DOY) are not "easily" arbed. I was attempting to do it for awhile. :p Even though they claim to only transfer Treasuries and cash between the funds, as a pair they decayed. The volume slowed dried up, as well. Eventually I was left with multiples of the avg...

That is a fine book, but it's more about theory of markets as opposed to specific rules. There won't be anything in it about how your order is routed if you cross the market with a 5000 share order on BATS vs. a 5000 share order on EDGX. I'd suggest looking at each specific venue/ECNs website...

There were trades from CBO reported late, during the halt.

I've been trying to figure out the best way to do this, too. Maybe long dated puts on TLT?

Ignore it. Bad print.