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by JumpCrisscross 259 days ago
> only if you make those bids visible. the bids are held in a buffer and at the end of the buffer

Everyone else's bids are invisible. The ones you submit--for your self and for your customers--are not. The larger a brokerage operation you run, the more of an edge you get under this system.

We created the unified tape and passed Rule NMS specifically to remove these incentives.