If I submit a buy order for 10 shares of GOOG with a limit of $1134 that order is going to show up in the data stream of HFTs only after it has become a valid open order on the exchange, right?
If at that time there is a sufficient volume of open sell orders at or below my limit, does my order go through or is there a way for an HFT to overtake my order?
If there is a resting sell order below the limit price of your buy order, nobody will see your buy order. The cross will happen as soon as your order hits the matching engine. You and your counterparty will get trade confirmations via your order entry port, and market data subscribers will see a trade report (10 shares crossed at $XX.YY) and the size of the resting sell order will change.
If there is a resting sell order below the limit price of your buy order, nobody will see your buy order. The cross will happen as soon as your order hits the matching engine. You and your counterparty will get trade confirmations via your order entry port, and market data subscribers will see a trade report (10 shares crossed at $XX.YY) and the size of the resting sell order will change.