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Non-Tech : MB TRADING
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To: Robert Cohen who wrote (1684)10/30/1998 7:28:00 PM
From: Howard R. Hansen  Read Replies (2) of 7382
 
Example: DELL is trading at 62 bid by 62 1/16 ask on Nasdaq. You place an ISLD order to buy 2000 DELL at 62 1/16. The ISLD order book has 500 offered at 62 3/32, 3000 offered at 62 1/8, and 2000 offered at 62 1/4.

I followed your explanation until I got to this point. Why is the quote for Dell 62 bid by 62 1/16 ask in this example?. The example shows the lowest offer is 500 shares at 62 3/32. Shouldn't the quote for Dell be 62 bid by 62 3/32 ask. My thanks in advanced to any one who can answer my question.

So far I have interpreted this discussion about locking the market as follows. If you place a limit order to buy at the ask price and somebody is offerring shares at the ask price then you don't lock the market. However, if you place a limit order to buy at the ask price and nobody is offerring shares at the ask price then you order could lock the market and is rejected. But how can an ask price be established when no one is offerring shares at the ask price?
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