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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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To: aldrums who wrote (8592)1/10/2001 12:09:49 AM
From: Jon Tara  Read Replies (1) of 12617
 
The opening price is simply the first trade that prints on NTDS. This may not even necessarily be the true first trade, as it's my understanding that NASDAQ time-stamps the trades as they are reported to them. (i.e. they don't use a MM timestamp, and MMs are only required to keep time to within 3 seconds, anyway.)

Since the NASDAQ computer isn't the actual place where the trades are taking place, and there is so much variability in reporting, the order of reported trades is really rather arbitrary, and so the opening trade is really a rather meaningless concept.

Under the proposal, I gather that there would be some sort of central "match", and thus a real opening price.
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