Nanex Research

Nanex ~ 4-Jun-2014 ~ Economically Insignificant Price Improvement 2

Who buys and sells 3 shares at the same exact time? This interesting event exposes an internalizer stepping in front of posted liquidity on lit exchanges by an economically insignificant amount.

Read Economically Insignificant Price Improvement for enlightening details.

1. REGN showing NBBO (gray shading, top is best ask, bottom is best bid) and the 2 internalized trades.
These two trade prints showed up within 100 milliseconds of each other.

2. Zoomed out view.
The area in the white box is detailed in chart 1 above.

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