The trader wanted to buy 20 000 shares at 17.38, that's a bit less than 350 000 dollars, certainly not pocket change. In fact, that was more than any individual exchange could provide, and barely enough with all exchanges combined. You would expect the price to go up with such high demand and limited supply. And indeed you see that, when he starts trading on BOST, other market participants update their price in other markets by cancelling their orders and inserting them at a higher price.
From the article:
>Also note how the cancellations rotate through many different exchanges. That's one sure way to throw off, confuse, stall a smart order router.
Or you know, because it's multiple market participants that are updating their prices.
>Someone else shouldn't have the facility to buy it based on my own trade signal and try sell it back to me.
What? If you're the owner of a bakery and you see a guy buying every single bread that your competitor is selling, wouldn't you increase the price of your own bread in case this guy comes to you?
From the article:
>Also note how the cancellations rotate through many different exchanges. That's one sure way to throw off, confuse, stall a smart order router.
Or you know, because it's multiple market participants that are updating their prices.
>Someone else shouldn't have the facility to buy it based on my own trade signal and try sell it back to me.
What? If you're the owner of a bakery and you see a guy buying every single bread that your competitor is selling, wouldn't you increase the price of your own bread in case this guy comes to you?