Question about NBBO

johnnih22

Newbie
1 0
Hey guys, first time user here. Sorry if this question has already been asked. Any insight would be appreciated.

Does rule NMS only apply to the displayed NBBO?, If I direct route an order to an exchange where NBBO is not trading, for more than the displayed NBBO ammount , will I get filled outside of NBBO or will the order keep re routing to the NBBO?

I.E. Stock XYZ

NASDAQ (100 shares )10.01 x 10. 05 (200 shares)
ARCA (5,000 shares) 9.99 x 10.06 (2,000 shares)
NYSE (500 shares )8.90 x 10.20 (500 shares)

If I direct route an order to buy 5,000 shares NYSE, would any of my shares be filled outside of NBBO?
 

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