Without getting into who owns what and motivations behind it, SNET orders, preferenced or broadcast are not displayed. That is, if you improve the inside market with an increased bid, it is shown to all market makers but does not change the consolidated quote. There are certain advantages and disadvantages to this. If you had alarge piece of stock to sell, you would not want to show your offer so as to prevent putting any downward pressure on the stock. As well, doing so keeps hidden who is doing the buying and selling.
On smaller pieces, it could be more favorable to display the order but it depends on the action on the stock,etc.
Going from various execution system, from a displayed bid/offer to snet, soes, ECN, routing to other market makers, or a combination of these is where our firm excels and can benefit the active trader or investor.
Regards,
Steve@yamenr.com |
