How Amateurs Lost Billions on Options
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Is Price Improvement Auctions Effectively Internalized?
Technically, options e trades cannot be internalized because all options in the united states trade on exchanges. But what we found is that some of these orders are effectively internalized. And they do it through the so called price improvement auctions. A whole saler engages an affiliated market maker, and a the market maker brings retail order with its own contra order and pushes it through auction.
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