Regulation NMS: Rapid Fire

What this video covers

• Why Regulation NMS's display, order protection, and sub-penny rules cover NMS stocks only, and why listed options sit outside all three
• How to identify a protected quotation, and why a manual quotation is never protected
• How to define a trade-through and place written procedures, surveillance, and prompt remedy on the trading center
• How the nine trade-through exceptions work, including the full-displayed-size requirement for an intermarket sweep order and the difference between an exception and a Commission exemption
• Who must display an improving customer limit order, why immediately means no later than 30 seconds under normal conditions, and the three tests for showing full size on an equal-priced order
• Why block-size orders reverse the usual display logic, and how 10,000 shares or $200,000 in market value qualifies
• How to apply the sub-penny increments, time-weighted average quoted spread exception, round-lot steps, and five-person ban including an over-the-counter (OTC) market maker and a vendor