How should orders that are cancelled and later replaced be treated under the Rule? Does it matter whether the replacement order goes to the same venue as the order that was cancelled?
A replacement order would be considered a new order, regardless of whether it goes to the same venue or to another venue. In a partial cancellation, when the only change is a reduction in the number of shares covered by an order, the remainder need not be reported as a new order. In the case of an increase in the number of shares, or any other change in an order, the event should be treated as a cancellation with replacement creating a new order. Question 19: Products Traded in Multiple Markets (new) Q: How should certain new securities products that are traded on both the NYSE and the Amex be categorized on the Rule 11Ac1-6 report? The Nasdaq 100 Trust (“QQQ”), for example, is traded on both the NYSE and the Amex. A: Broker-dealers should refer to the security’s classification for trade reporting purposes (as a Network A eligible security, Network B eligible security, or Nasdaq-listed security) when categorizing new securities products. Generally, Network A eligible securities are NYS
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