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The bid sides of the book at three market centers are: price Exchange A Exchange B Exchange C Shares Shares Shares Shares Shares Shares Displayed

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The bid sides of the book at three market centers are: price Exchange A Exchange B Exchange C Shares Shares Shares Shares Shares Shares Displayed hidden Displayed hidden Displayed hidden 10.49 100 700 100 2000 10.48 200 100 200 200 10.47 400 500 200 400 10.46 700 1000 10.45 800 200 2000 a. For each exchange, what are the protected bids (prices and quantities) ( 20 pts) b. A trader simultaneously sends the following sell orders, all with limit prices of 10.46, all marked ISO: sell 800 to A, sell 2000 to B, sell 500 to C. What executions occur? (40 pts) c. After the order in part (b) is executed, exchange C receives a sell order for 200 shares stop $10.49, limit 10.47 ( not sweep). What executions occur if any? Specify the exchange, the price and the shares. (40 pts)

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