Rule 115a from NYSE says:
"In arranging an opening or reopening, a DMM is required to see that each market order the DMM holds participates in the opening transaction. If the order is for an amount larger than one round lot, the size of the bid which is accepted or the offer which is taken establishing the opening or reopening price shall be the amount that a market order is entitled to participate in at the opening or reopening."
What exactly does the above mean? Can someone explain it using numbers?
"In arranging an opening or reopening, a DMM is required to see that each market order the DMM holds participates in the opening transaction. If the order is for an amount larger than one round lot, the size of the bid which is accepted or the offer which is taken establishing the opening or reopening price shall be the amount that a market order is entitled to participate in at the opening or reopening."
What exactly does the above mean? Can someone explain it using numbers?
