[sesuximo]

Well “the price” might be totally different if there were no off-exchange orders. But I’m sort of being a devil’s advocate... I agree with your argument in practice since I don’t expect to see such open exchanges anytime soon

[badfrog]

> Well “the price” might be totally different if there were no off-exchange orders.

I'm not sure what that means, but there's no scenario in which you'd get a worse price. That would be illegal under the Reg NMS order protection rule.

https://www.investopedia.com/terms/o/order-protection-rule.a...

[sesuximo]

You won’t get a worse price than what the exchange says is the price, but that price Is a moving target; if all competitors could see all orders, the price would move. Idk if it makes a difference on average but it is a difference