Attempted to trade VTM pre market this morning. Phillip Capital who now own Amscot tightened the filters a while ago "in line with industry standards"
Indicative open was 47c at 10am when Chi-X opens. Place a bid at 47c for a part fill which fails - no aggressive bidding in pre open on Chi-X. They only allow bids within one tick of the closing price which was 44c.
Another attempted bid at the 2 tick limit above indicative went to a DTR. Why? Because the bid ask spread was greater than 15 price points. Why was this? Because someone placed a small 2,000 order at 58c
Imagine if all mainstream brokers were under the same filter umbrella. One small order can kill all other DMA orders sending to a DTR for manual entry.
