Manning rules force a market maker or whomever got your order (if schwab, it would be their subsidiary market maker MASH) to displayyour bid or offer within 30 seconds in normal market conditions...called manning rules (check nasdr.com) search for manning rules, you get the whole enchilada.
Thus, you put ina buy order to buy at 4 1/4, after 30 seconds, if normal conditions, they MUST display your bid. if they didnt , it would a violation and if it then traded through, they would have to fill you. Yet careful, if fast conditions or not normal conditions, they dont ahve to display your bid and even in normal they et 30 seconds which can be difference between getting filled or not.
You may be able to keep the shares as long as the clearing firm has inventory, and if the stock is still hypothecated for other reasons. It can still be loaned but have no loan value.
I hope that answers the question, though I am not sure I entirely understood. It could be just be me...it was a long day.<G>
-Steve@yamner.com |
