TSX:IIP.UN - Post by User
Comment by
MOJOJONOon Feb 06, 2019 12:21am
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Post# 29324320
RE:RE:Quoting 26$ this morning
RE:RE:Quoting 26$ this morningDon't think you could spike the price to that level unless some sort of delay or glitch in the exchange or the order book happened to be really low at that time.
If someone put a buy price of $99,999 or even $26.01 for 10,700 shares that would essentially be a market order. What would happen is the exchange would match up the trades at the best available price and the entity ends up hitting every single Ask (Sell) order in the stack until the leading buy order got filled.
Here's an example from the Level 2's tonight. The top Bid (buy) is 200 @ $13.78. Top Ask (sell) is 600 @ $13.83. Lets say you put in a Bid for 10,000 @ Market Order. First you would jump the queue and effectively wipe out the first two Asks plus a portion of the third Ask. This would leave the exchange price at $13.85 and the leading Ask at 1,800 @ $13.85.
Level ll Quote for INTERRENT REAL ESTATE INVESTMENT TR (IIP.UN: Toronto)
| $13.78 | 200 | 1 | $13.83 | 600 | 1 |
| $13.76 | 2100 | 2 | $13.84 | 5600 | 2 |
| $13.75 | 400 | 2 | $13.85 | 5600 | 1 |
| $13.70 | 2000 | 2 | $13.86 | 1300 | 2 |
| $13.67 | 700 | 1 | $13.87 | 5700 | 2 |
| $13.66 | 3600 | 1 | $13.88 | 6800 | 4 |
| $13.57 | 900 | 2 | $13.89 | 5700 | 2 |
| $13.39 | 3600 | 1 | $13.90 | 200 | 2 |
| $13.38 | 3600 | 1 | $13.91 | 100 | 1 |
| $13.35 | 1000 | 1 | $13.92 | 100 | 1 |