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maybe there were a limit order from nyse high graded manager at 59% of the last trade of one of the stocks and he likes to don't have to work again for the next couple of years.

But this demonstrates well the advantages of options and other instruments that were not traded on an exchange. Even just for hedging sometimes there are more profitable than the lowest limit order.

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that's pretty ridiculous conspiracy theory!

here's more knowledgeable answer:

http://www.cnbc.com/id/37019184

As near as I can tell from talking to market participants, there is no rule on this. This appears to be a compromise reached among the electronic markets.

But why 60 percent? Why not, say, 40 percent, or 30 percent? Not clear, but one obvious answer is that there are a lot fewer trades that need to be busted when it's at 60 percent versus say, 40 percent. This saves a lot of grief.

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