Jun. 11 at 2:13 PM
$JAKK When a market-making algorithm wants to capture a wide spread on a thin stock like JAKK without getting filled on a public lit venue like NASDAQ (Code Q) or NYSE (Code N), it moves its operations to lesser-traveled regional venues like MIAX Pearl (Code U). The algorithm posts perfectly mirroring blocks—400 shares down, 400 shares up—hoping to cross trades off the primary book. This allows them to intercept incoming order flow away from the main public queue.
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