hard · Market Microstructure
A buyer submits a market order for 1,200 shares. The limit order book shows 400 shares at 25.10, 600 shares at 25.15, and 1,000 shares at 25.20.
Given the initial National Best Bid and Offer (NBBO) midpoint was 25.05, what is the effective spread per share paid on this transaction?
- $0.242
- $0.092
- $0.100
- $0.183
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