Do OTC trades of NYSE and Nasdaq listed stocks (or the orders that make them) impact the price discovery (NBBO) of the ticker(s) being transacted?
Can those OTC trades be executed at prices outside of the NBBO established spread?
I know round lots (as defined by SEC) of limit orders placed on an exchange are used to determine NBBO and ATS trades must be executed within these spreads but can not find anything official on how OTC trades are factored in (or not).
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