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

The bid sides of the book at three market centers are:

price

Exchange A

Exchange B

Exchange C

Shares

Displayed

Shares

hidden

Shares

Displayed

Shares

hidden

Shares

Displayed

Shares

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


Question

1.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?

2.After the order in part (1) 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. ?

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