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odd lots do participate on the open at nyse unless the total of all orders is an odd lot, then they cancel back all moo odd lots and the stock will open on a quote and all normal odd lot orders will execute as normal.

If they didn't halt all trading at all exchanges I don't think they could have resumed trading at all the other exchanges that day some were crippled by the sip outage. arca had utp sip issues but they were still accepting orders and direct feeds were fine. direct edge and bats exchanges...

There are a few problems with the whole way the CTA/UTP/SIP/NMS systems are set up. It's not entirely the player's fault, the game is broken. 1) Latency: While the exchanges send the data to the SIPs/NMS first from their matching engines before sending them to their proprietary feeds, as...

Yes, some strategies do work if you are 2nd in line but that wasn't really what I was trying to say. What I was trying to imply was that at BEST you'll get 2nd in line and that it is an up hill battle using the consolidated feeds (the SIPs) vs proprietary feeds. It also doesn't help that NYSE...

It wasn't just the big $$$ clients who saw the data first, it was any client who subscribed to their proprietary datafeed (aka BBO and Openbook Ultra feed). Many venders and firms use these feeds and trickle that data onto their clients like us, we just may not be aware of the source. Even if...