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You can be high bid via ISLD in a stock trying to cover a short. The
stock can trade at your price, but you are not guaranteed a fill.
What the rules said when I traded this way is that the stock,if it
trades,has to trade at your price, but not necessarily to you. MM's
can trade amongst themselves all around you and leave you with your
position.
This is less likely to happen in a deeper stock, but the trade off
with that is that there are more players fillingup the SOES queue and
more feeders at the ECN trough.
What fun is it to trade in a marketplace where you can be totally
ignored regardless of your price? True, SOES was designed to
eliminate that, but people can be very inventive when it comes to
protecting their rackets. You can put SOES into the market but you
can't take the market-maker out of SOES.
FWIW
CW
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