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Order Protection


The process whereby an order searches all available venues for the best price (whether best bid or best offer). This provides intermarket protection against trade-throughs for all national market system (NMS) stocks. A trade through takes place when a venue executes an order at a price worse than a protected quotation. In this sense, it represents a limit order displayed by another trading venue.



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This section covers a wide-ranging array of terms and concepts, among others, in the area of exchanges and financial marekts at large ...
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