FINRA as exchange code with IB

L

luisHK

Hi

I'm not very familiar with the Times and Sales, but checking a small cap on TWS, many of the trades show up with a FINRA ticker in the exchange column. I looked up IB's website for an answer but didn't find it, what does FINRA mean in the exchange comulm ?
Besides for the same stock, I click Smart Max Fill in the order destination, and the order is posted on NYSE, yet few trades up go through NYSE at this time of the day, and many show up within the minimum bid/ask (it's one of those 5 cents increments pilot stocks).
Most trades show under FINRA, BYX and BEX.
Anyone has a feedback on those issues ? What is Finra, which destination would be better than NYSE (although FINRA could end up as NYSE for all I know) and what order could work out to get filled within the spread ?

Lots of questions here, thanks in advance to those who can shed some light.

Thanks
luis
 
Last edited:
Great, thanks Ajacobson, that part is clearer now.
I'll open a new thread in the Order Execution subforum about the second part.
 
SoesWasBetter said:
FINRA trades

Where all the cheap stock is bought and the expensive stock is sold

You cant get those
More...

Just came across this thread (sorry to resurrect it) and really curious about this as I'm noticing this as well. Anyone know what is the story with this volume? Is it internalization? The examples I see are more than just sub penny hopping as the price difference from the edge of the spread is often much more than a penny but still far from other recent fills. How does this happen? Some poor schmuck puts in a market order and his/her broker fills it at worst possible price far from where the actual trading is happening but still just inside the spread so as not to violate the SEC NBBO regulation?

I'm using IB's time and sales and in one case I even see a fill on FINRA that's a penny outside the NBBO, something I thought would violate the NBBO regulation. A second earlier, the trade wouldn't have been a violation though, so perhaps this is due to a synchronization or lag problem with the data.
 
Yeah, well, as you can see, anything really important doesn't and won't get discussed here. Thus the long gap in time.

imo , a lot of this is tape painting and market maker scams.

But what do I know.
 
Shame. Weird that something so obviously strange goes on and nothing. If it were just tape painting however wouldn't they select a fill price more in line with recent trades and not something that so obviously sticks out?
 
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