Trade Through Protection

What this video covers

• Where trade-through protection applies: protected quotations in NMS stocks during regular trading hours, and why after-hours prints, listed options, and manual quotations sit outside the rule
• Why relying on an exception does not turn off written policies and procedures, and how those procedures must assure compliance with the exception's terms
• The systems exception, including why the displaying venue must experience the failure, material delay, or malfunction
• The distinctions among a non-regular-way contract, a single-priced opening, reopening or closing, and a crossed protected market
• The nonquoted-price exception, including why both the quote-independent price test and the material-terms test must be satisfied
• The one-second stale-quotation exception and the difference between the receiving and sending sides of an intermarket sweep order, including the full displayed size requirement
• The stopped-order exception, including the customer-account requirement, order-by-order agreement, and favorable price tests for buys and sells