NYSE Parity and D-Quotes: How Fills Allocate
NYSE parity splits a fill across participants at the same price, so a floor broker can trade ahead of an earlier public order. See the allocation math.
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When Did the US Stock Market Start? 1792
The US stock market started with the 1792 Buttonwood Agreement, signed by 24 brokers. Every date that follows, and how a call auction became 9:30 to 4:00.