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NBBONational Best Bid and Offer
NBBONational Bank Business Outlook (survey; New Zealand)
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If IEX's system determines that the NBBO is "stable," it works as described immediately above.
While the IEX Speed Bump is designed to address this problem after changes to the NBBO occur, but before they are widely disseminated, algorithmic prediction models enable another form of predatory, speed-based trading.
Because locked and crossed market conditions occur from time to time, the locked and crossed NBBO may not be very useful to infer the trade direction.
See LEWIS, supra note 1, at 96-98 (explaining NBBO concept and its effects on orders routed under Reg NMS rules); Definition of 'National Best Bid and Offer - NBBO,' INVESTOPEDIA, http://www.
The NBBO was designed to create fragmented markets, which were
On the other hand, by providing incentives for market participants to quote at the NBBO, the depth and stability of the NBBO quotes may improve.
Indeed, many investors are not even aware that it is possible to improve upon the NBBO (National Best Bid and Offer) prices -- the prices that are posted publicly and disseminated by the securities markets (and reproduced in such places as the Wall Street Journal and online quotation services).
makers display and continuously update the NBBO for listed securities.
For each option series, we use the mid-values of NBBO option quotes and stock quotes at 4:00 p.
Quarterly reports prepared for the best execution committee showed that Mellon Securities was executing orders outside the prevailing NBBO at a rate greater than industry averages from as early as Q3 2003 -- and at a rate two to three times peers from Q4 2006 onward -- but the committee failed to act on this evidence.
As a result, Citigroup priced more than 14,800 customer transactions inferior to the NBBO.