What types of equity trades are not reported/shown on the tape?
- Thread starter Cdntrader
- Start date
Robert Morse
Sponsor
None as far as I know. All Lite and DARK must report their trades.
As for the tape:
- Algorithmic orders are implicitly hidden, because usually only a small portion of the order is released for trading (slice, random slice)
- Routing an order to a less obvious venue
- Discretionary orders. Submit orders deeper into the book than our best bid/offer. This is done to establish execution priority.
- Iceberg Orders. Only display a portion of the order
- Fully Hidden Order. Entire order is hidden.
See attached screenshots.
Ref: Johnson, Barry. (2010) “Algorithmic Trading and DMA.” Pg 261-2.
- Algorithmic orders are implicitly hidden, because usually only a small portion of the order is released for trading (slice, random slice)
- Routing an order to a less obvious venue
- Discretionary orders. Submit orders deeper into the book than our best bid/offer. This is done to establish execution priority.
- Iceberg Orders. Only display a portion of the order
- Fully Hidden Order. Entire order is hidden.
See attached screenshots.
Ref: Johnson, Barry. (2010) “Algorithmic Trading and DMA.” Pg 261-2.
Attachments
Robert Morse
Sponsor
I assumed the question was about "trades", not order types as orders are never "reported/shown on the tape".
Just want to say that Robert Morse seems to always have your back.
If you are trading with someone else and feel that they may not have your best interests at heart why not give Bob a go.
FYI - Never done trades with his company
He seems to be a really good guy. Give him some business.
Here is the frosting. If you do not have at least 2 trading accounts - not good. May things can happen.
Why am I doing this? He seems like a good guy.
If you are trading with someone else and feel that they may not have your best interests at heart why not give Bob a go.
FYI - Never done trades with his company
He seems to be a really good guy. Give him some business.
Here is the frosting. If you do not have at least 2 trading accounts - not good. May things can happen.
Why am I doing this? He seems like a good guy.
Ok the orders are hidden but when they are executed it appears in volume right?
Robert Morse
Sponsor
Yes.
What about if it's an insider sells a block to another party such as a mutual fund? In Canada I've come across this where it didn't print but showed up on SEDI.(insider reporting website)
I believe it might be consider an "off marketplace" transaction(https://www.osc.gov.on.ca/documents/en/Marketplaces/srr-iiroc_20120413_rfc-off-marketplace.pdf).
Anything similar in USA?
Robert Morse
Sponsor
An off-exchange private transaction would likely not require any exchange reporting. If I have possession of my shares and contact the transfer agent, I can likely transfer shares to another party. My example does not match your example. Also, I expect the transfer of unregistered shares would not require any trade reporting.