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Strategies & Market Trends : Momentum Daytrading - Tricks of the Trade -- Ignore unavailable to you. Want to Upgrade?

To: Kimberly Lee who wrote (1721)	12/19/1998 9:51:00 PM
From: brec	Read Replies (1) \| Respond to of 2120

It is illegal to enter (display) a locking/crossing bid/offer on NASDAQ without first attempting to take out the offer/bid that one would otherwise lock or cross. It may not be illegal in the sense of a felony, but it's a regulatory violation. NASDAQ requires traders to take "reasonable steps to avoid locking or crossing the market," and provides as an example using SelectNet preference to hit the bid/offer that's in the way and waiting 30 seconds for a response. Ref: NASDAQ Trader Manual Chapter 2 (10/1/98) p. 4. (The following is a 3MB download:) nasdaqtrader.com