Is this legal?

[graeco]

You are watching a stock on level2.You put in your order at a price no one else is using.Two seconds later a MM order appears in front of your order and exactly matching your size.They obviously have a puter program that does this.The government and the SEC think they can restore investor confidence while allowing this kind of chicanery?
Another thing.I think it is quite possible these crooks have hacked the ECN puters so they can read the stop loses there.

 

[permabull]

what happens when you remove your order? does the shadow disappear?

 

[graeco]

Also if the action moves away the shadow may dissappear.But if the action comes back,so do the shadows.In front of course.

 

[graeco]

The stock I am trying to play right now is CVC and PSE is the MM who is frontrunning me.

 

[CaroKann]

are you sure its an MM and not some homebrew traders program?

 

[graeco]

I didnt know home brew programs could appear on Level2.Please educate me.

 

[metooxx]

No matter who it is, it is legal.

 

[Jonnytrade344]

Are you positive that it isn't your order that is being posted? Maybe your order shows up as pse.

 

[Tony01]

Originally posted by Jonnytrade344
Are you positive that it isn't your order that is being posted? Maybe your order shows up as pse.

This could be possible if you're using ARCA because ARCA bids/offers are posted thru PSE(Pacific Exchange).


It could also be a trader using ARCA with some sort of 'pegged' order to always have best bid/offer.

Just my 2 cents,

Tony

 

[graeco]

How could an ARCA order show up as PSE?It is totally blatant how the NYSE MM's try to shut the ECN orders out of the action.Like a previous poster said.It is probably legal.But it is wrong and it shows a tilted playing field.