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The bid sides of the book at three market centers are: price Exchange A Shares Shares Displayed hidden 100 700 200 100 400 Exchange C

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The bid sides of the book at three market centers are: price Exchange A Shares Shares Displayed hidden 100 700 200 100 400 Exchange C Shares Shares Displayed hidden 10.49 10.48 10.47 10.46 10.45 Exchange B Shares Shares Displayed hidden 100 2000 200 200 500 700 200 400 200 1000 2000 800 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) The bid sides of the book at three market centers are: price Exchange A Shares Shares Displayed hidden 100 700 200 100 400 Exchange C Shares Shares Displayed hidden 10.49 10.48 10.47 10.46 10.45 Exchange B Shares Shares Displayed hidden 100 2000 200 200 500 700 200 400 200 1000 2000 800 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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