Thanks Paul -
I'm not sure why your example would necessarily lock the market, unless it was falling rapidly.
Another open question, will Cyber accept increments of 1/256th ?
From Island:
"""While Island is capable of accepting and displaying increments down to 1/256ths, unfortunately, Nasdaq does not yet share this ability. Nasdaq can only display increments of 1/32s for stocks under 10 dollars, and 1/16s for stocks over 10 dollars. Therefore, if you enter an order in finer increments, it will be rounded away for display in the Nasdaq quote. The price of the order has not been changed, it is only rounded for display on Nasdaq. It is still processed by Island at the exact price you entered, it is still disseminated on Island data feeds at the exact price, and it will still have priority over inferior priced orders. """
I assume that they will, as Cyber is a direct subscriber to Island, giving a speed advantage as well.
Jay |
