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They don't care. They are not traders and the feel they know best for all. Hey, what's 5 milliseconds, right? We'll just add on 40 ms more. :)

I think it's going to be a mess to implement street wide.

http://www.sec.gov/divisions/marketreg/rule611faq.pdf

Thank you everyone for the comments. Best of luck.

"The market maker is doing his job in a thin (if you could even call it ) market." That's not what I call a MM doing his job. That's called "doing his job to rob". And no, I don't feel this is an issue where you need to tell me where and where not to trade. You do not know my styles...

Firstoff, I have many systems and styles. I've been at it for a while. Because of that, I have many stories and a ton of situations I went through as the markets evolved (from the beginning of ECN's and on). Yes, I held alot of erroneous back in the old days when the markets were not...

"Maybe they didn't bust initially to teach you a lesson (on how to enter orders properly). I am sure you will take the time to get it right next time, especially when you are trying to dick somebody else over to get $150/share for WBPRK when it is trading at $25. I really have no sympathy for...

" Did you give the reason for the error that you meant to enter a sale? If so, that could have had an impact on the NITE's decision." I honestly don't believe anything I could have said justified a stock that has a n average price of 25/share to stand at 150. No matter what. I mean, maybe 1...

Thanks for the reply. It was a system I have that was a mix of automation and manual trading. I wasn't trying to be the advantaged party against someone who may have had the same situation like myself: My system merely picked something up and I followed up on it and placed the wrong order...

No, it wasn't a market order. It was a limit order I wanted to place.

Yes, Bitstream is correct. I made an error.

The reasoning was that the trade was inside the bid-ask. Basically it was illiquid and there was no ask even close to market. That excuse is insane because I have had MANY trades busted that were a mere buck outside of market and in my favor. Try 125 out. Only at NASDAQ. Like I also said...

I mean, trading is pretty stressful and I have been in the thick of it many many times. When they came back stating this trade was going to stand, I just about died. I knew how hard it was going to be to get a reversal based on the past and NASDAQ. I feel like there is a pain and suffering in...

It's too bad they are going to ruin one of the best ECN's left today. I guess that's what happens when you don't have the smarts to build the best and fastest: You buy it.

I guess they give a new meaning to their saying: "Where the trade gets done" .

When I was looking at the level 2 screen, I hit NITE through Sumo.

The trade was executed through Supermontage and wasn't an ECN. I completely agree with what the outcome would have been if I hit an ECN through Sumo.

"http://www.nasdaq.com/about/RuleFilings/Filings2004.stm The last post in the above link is NASD Rule 11890 (their guidelines are on page 5) Anything over 3% from the nasdaq inside should have been busted. However in this case there was no Nasdaq inside?????????? What purpose do MM's...

I exited the position at the 1k loss and moved on. The time and money involved in escalation is just not worth it. Nasdaq knows this just like I do. Deep deep down, the markets are not equal. Those are just the facts of life. I just cannot understand why Nasdaq in the face of...

I agree with the fact that 30 was complete BS. The MM wouldn't adjust to 25 or even 28. I had to take it or leave it, per NASDAQ. If I didn't go for it, then my 25k would have been tied up in the loss for who knows how long while it went to arbitration. I decided to take my lumps and move...