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Bullboard - Stock Discussion Forum Marauder Resources East Cost Inc. MESNF

Marauder Resources East Coast Inc is a Canada-based oil and gas company. Principally, it is engaged in the business of exploration for and the production of petroleum and natural gas reserves.

GREY:MESNF - Post Discussion

Marauder Resources East Cost Inc. > McBeanburger - internalization
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Post by junkyardawg on Apr 28, 2014 10:28am

McBeanburger - internalization

Not only is internalization used in Canada it is a priority:

"Orders traded anonymously are marked with the placeholder

identifier “01”. While regulators such as Market Regulation Services Inc. and

the TSX manage the identities and owners of the anonymous trades, the market

itself never knows the actual identity of the brokers using the identifier

“01”. This has interesting repercussions for information trading; while many

models of trader activity account for a trader’s unwillingness to divulge information,

the anonymous trading system easily allows traders to alternately

trade publicly or anonymously.

Another aspect of the TSX that is unique is its internalization mechanism for

matching orders. In general, the mechanism for matching orders follows the

procedure that was described earlier. However, if there are multiple orders at

the same price, then priority is given, not by the time an order was entered,

but whether the orders’ broker numbers are the same. Orders with matching

broker numbers are executed first, and only then is time priority used. If a

broker uses the placeholder identifier “01”, then the internalization mechanism

is never used.

(from the Universiy of Waterloo)

JYD

Comment by McBeanburger on Apr 28, 2014 11:05am
you need to re-read that. It doesn't say that the orders are not published but that orders from the same broker are matched where possible. I have seen many large same broker orders go through....
Comment by Weeble on Apr 28, 2014 5:57pm
I don't really have a problem with an order being bought or sold within a firm for efficiency or conveniences sake but I do have a problem with it not being reported.   In large cap stocks it doesn't really matter but with small caps or micro caps it can be significant. So far we show less than a 2000 shares traded today.....but what is really going on behind the scenes?  ...more  
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