Not necessarily. An ECN or other market maker could be offering stock, 1) in error 2)truley offering it, and you see prints going off but it could be another market maker or broker dealer filling the stock, even though they are not on the bid/offer. for example, mostmarket makers 'match' the inside market REGARDLESS of whether they are infact the best bid or offer. ie. if the bid is 117, bid by ISLD alone, and you go to sellstock to NITE, they will match that inside market, even though they were not bidding. Thus, you might think that your bid on ISLD would have been hit,but infact it was NITE buying stock on an autofill, etc. Those types of autofills, access to greater liquidity offered by market makers you DONT get with direct order entry, because they dont provide that liquidity by a SNET preference.
-Steve |
