"My guess is that these are Island orders entered by Datek, who own the Island system, and are probably the only ones (among Island users) who have this kind of priority.
What priority would that be? I would prefer to get a fill if I try to hit the bid (take the ask) rather than being represented on the offer (bid). If I bid 15 1/8 for a stock with a spread of 15 x 15 1/16, I don't want the market to cross at 15 1/8 x 15 1/16, I want a fill at 15 1/16 if it's there, or to take the offer at 15 1/8.
Also, I don't think it's Datek, as I had an account there for a number of months until recently and never observed one of my orders doing that. Of course it's not a scientific study, and with Datek's software, you just never know. But I would characterize it as a glitch when it happens.
BTW, the only reason I was even paying attention to this is because of the conversation on whether it could occur or not.
Barb |
