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Abstract
Technological advances that give rise to myriad new trading strategies and practices also have important implications for basic concepts such as quotes. Because quotes determine the NBBO (the National Best Bid or Offer), the issue of what is and is not a quote is important. I argue that there are now a variety of circumstances in which what is or should be a quote is not clear. These circumstances arise because in electronic markets both quotes and orders can be moved instantaneously, setting the stage for potential abuses. I provide several examples to illustrate these problems and offer some thoughts on the question: what is a quote?
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