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Not sure this is true. My understanding is that open/close trades are traded through and hit the book of a particular exchange - no routes to other venues because of RegNMS.

Well, I don't know any other way how to modify an accepted order except cancel/replace :) Of course you can cancel the order and send a new one, but you don't want this...

No offense Jim, I know you can talk hours about corrupted specialist system :) But you don't hear me. I do know that front-running hurts customers, all I'm asking is a statement from rules that states legitimate scenarios. IMHO, Rule 72 doesn't say anything about front-running unless I'm missing...

Please correct me if I'm wrong, but AFAIK, opening and closing trades are not "covered orders" (since thy require special handling) and thus exempt from RegNMS.

Those exceptions more RegNMS related. I'm still not convinced... :)

Yes I do know. [B] And how the customer can be hurt from this front-running (in this case "front-crossing")?

I did and do read NYSE rules a lot since this is the only exchange I trade on, and I have to know how the exchange works and what the rules are. I perfectly know that specialists used to step in and trade ahead of customer orders thus violating the exchange rules (and get fined by doing so)...

You are talking about cross orders. They are not taking/providing liquidity per se. Furthermore, the floor broker has to flash the quotes for the cross, and another interesting broker may provide price improvement to the cross, but only by taking all existing liquidity at that price (because of...

http://www.nasdaqtrader.com/trader/tradingservices/specsinstallguides/inet_fix1.0.pdf Every exchange/ECN has it's own "version" of FIX protocol, there are so many variations in it. What forks for one may not work for another exchange... Frankly speaking, I'm trying to minimize usage of...

I think the right sentence is "floor traders used to step in...". Specialists violated exchange rules and PPY by allowing floor brokers to front-run customer orders. There is no chance to do this in NYSE Hybrid anymore - even during the slow market specialists have to step in and provide...

Why do you think he's not? Market openings are not so trivial, especially on NYSE...

3rd and partially 2nd - NBBO is the best price with the bigest quantity at time priority.

Of cource, a separate queue for each price level...

I'm not a FIX expert, but I know that INET allows you to reduce the order quantity of a limit order without loosing the time priority.

Hard to say, it depends on the Smart Router implementation. For example, SR may constantly monitors market data and submit your limit order to exchanges with enough liquidity to fill your order at the best price (NBBO) once your order becomes marketable (it can be 100 shares at NYSE, 200...

What you guys are talking about? The first tick (opening price) was at $50.50, implying that all market orders and limit orders up to $50.50 accepted by exchange had crossed at that price. You get fill at opening price 100% in this case.

ACTIV Financial

You probably referring to NASDAQ TotalVew. Essentially, it's Level II with all Market Maker quotes at each price level...

Yes, e-Quotes can be seen by specialists unless entered as "do not display" (but at least 1K shares have to be displayed).

More information is needed. If there is an aggressive seller in a stock you'll see market orders hitting your bids regardless of the spread. Obviously, market orders are the only way to move the market.