SelectNet
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In reality, SelectNet is an order-routing system that allows negotiation.
Remember, Archipelago uses a SelectNet preference that gives
market makers 20 seconds to decide if they want to accept the
order or reject it. This negotiation is between market markers. One
way of using the SelectNet preference would be to place an order on
Archipelago to find a price that is better than the current advertised
price. This might happen if a short seller needs stock to cover a
short squeeze and is willing to pay 1/8 more than the current price
near the close of the day. SelectNet has no time or size limits.
In reality, SelectNet is an order-routing system that allows negotiation.
Remember, Archipelago uses a SelectNet preference that gives
market makers 20 seconds to decide if they want to accept the
order or reject it. This negotiation is between market markers. One
way of using the SelectNet preference would be to place an order on
Archipelago to find a price that is better than the current advertised
price. This might happen if a short seller needs stock to cover a
short squeeze and is willing to pay 1/8 more than the current price
near the close of the day. SelectNet has no time or size limits.