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Ok, I think I see what is happening.

So you are seeing a bid/ask... You are offering to transact immediately (buying at ask, selling at offer). ok.

By breaking the order into <100 share lots, my best guess is the following:

- The internalizer that TDA uses (I think Citadel) guarantees a tighter bid/offer than advertised, because by executing all of TDA trades, they can guarantee they aren't dealing with a sharpy (on average) vs. standard market making (which is the NBBO bid / ask listed). My experience would say that generally you will only get fractional penny improvements here though...

- Depending on exchange as well, 99 share lots are guaranteed favorable execution in some instances (they sweep with the nearest transaction price) but I don't think that would apply in this case, and I'm rusty on the exact rule here.

Maybe others have some thoughts. When I'm back home, i have a text book I may be able to poke at here with some info...
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