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daytrade_22209 wrote:
In the pits of the S&P the locals collect the
spread between the
bid/ask. You knew their was a spread, why it existed and who
benefited. In electronic trading since there is no middleman/locals:
1. Why do we have a bid/ask? Because these are limits and everything
in between has been filled.
2. Does anyone collect the spread? No, you assumed that the floor
person did, but he didn't either.
3. Why can't I Buy/Sell at the last price? because there is no one
there at that price. It takes two to tango.
4. Why can't I buy at the Ask or Sell at the Bid? You can
buy the ask and sell the bid. That is what they are there for. If
you meant why can't you sell the ask and buy the bid, you can, all you
have to do is put in your order at that limit. If it trades throough
there you are filled.
Can someone give some insight to these questions.
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