Happy Holidays from the SEC
Boxes and Lines
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Wholesalers Can't Execute Orders to an Auction
If the wholesaler is willing to provide full midpoint price improvement, they can still execute internally and would not need to send to an auction. The other thing that I think a lot of people are confused about is that it's not just a general mandate to send orders to an exchange. It basically just says you can't execute internally unless you try to execute it in a different way.
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