Quote from listedguru:
Anyone have any additional thoughts on the new hybrid model? I've been reading through the hybrid blog on the nyse website. There is a lot of new stuff coming with the hybrid market.
There is a lot of mention of reserve quotes (hidden quotes) called equotes. These equotes won't show up on the openbook and thus are hidden from public view. I just hope that this doesn't kill the volatility. Most of the things I have read indicate that volume will increase under the hybrid market but no one's talking about volatility. I just hope it doesn't turn into a big chop fest with hidden orders everywhere. But then again I guess we only see limit orders on the book now so all the floor brokers orders, etc are 'hidden' from us...
-Guru