Manu, yes, NASDAQ quotes in 1/16's in most stocks and this just changed recently (like a few weeks ago) from 1/8's. Generally, low priced stocks, say under 10, sometimes quote in 1/32's.
As I said before, I see ISLD quotes all the time on NASDAQ Level II. For example, at today's close, there is a bid for ASND of 700 shares at 41 7/16 along with several other MM's at that price and that is the best Bid. In fact, ISLD does not even have to be the best bid or ask to show up. At close, there is an ISLD offer of 500 shares of MSFT at 130 1/4 even thought the best offer (ask) is 129 7/8. I believe this just represents the best offer at the time on Island for MSFT.
Note that ISLD is an ECN as are INCA, BTRD, and TNTO. And I think it is still the case that SOES cannot execute against ECN's. My understanding is that is supposed to change but I don't think it has changed yet. If someone knows this to be wrong, I welcome any correction. |
