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Total Posts: 3
Joined: Apr 2021
Posted: 2021-04-27 22:25
A few basic questions, apologies for the simplicity.

I understand there is time priority on limit orders yet is that time priority limited simply to that exchange or for all trades at that price?

Ex. I put in an order within the spread at a $3.00 ask. Order is routed to BATS, MM joins me with numerous exchanges. Someone places a market order and is filled at $3. Should I be filled first no matter what?

Another question I have is for an options contract is there only 1 opening price that is determined by VMIM algorithm or can you have numerous opening prices at different exchanges?

Thanks for the help!


Total Posts: 94
Joined: Jul 2018
Posted: 2021-04-27 23:05
Only price protection needs to be enforced across the venues, so as long as you're getting the best price on the receiving venue, you only need to take into consideration the time priority on the receiving venue.
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