July 15, 2010
Using the same trading example thats giving in the proposed rule filing and after reading the following paragraph.
Under the proposed rule change, during Core Trading Hours, a market order to buy (sell) will not execute or route to another market center at a price above (below) the Trading Collar. As proposed, Trading Collars will apply only to market orders and not limit orders
I have one question:
Does this mean if I enter a marketable limit order (for those of you who have no clue, Sell 10,000 Shares with $1 low) my order is going to sweep the book/market to much lower price than the trading collars are set at?
I really hope thats not the case but if it is and this rule is rubber stamped as is everyone involved with the filing and approval of this rule should be fired for incompetence.