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Strategies & Market Trends : Level II Trading
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To: Apakhabar who wrote (1004)4/13/1999 10:47:00 PM
From: Dan Duchardt  Read Replies (1) of 1086
 
A "short" answer to your question: trades on NASDAQ stocks are not always reported in sequence, and may be executed by means other than SOES that are not always reflected in Level II. My recollection of the details may be faulty, but I believe the requirement is to post a trade within 90 seconds of execution. SOES trades are automated, so they get reported immediately, but block trades like 2000 shares and 6000 shares might very well have been handled on the telephone from one or brokerage/MM to another. They might have been executed between MMs/brokers or via ECNs who are not at the inside market, and even if they involve MMs at the inside market, they might have no effect on the published quotes. "Prints" (reported trades) frequently occur outside of the current inside market, and for trades that are handled manually, the reports often appear out of sequence with the automated reports. There are numerous scenarios that could explain what you observed.
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