During many periods today, trades have executed below the bid and above the ask, even when the bid and ask quantities are higher than the trade quantity. It is as though there has been a several minute lag between the trade transactions and the bid/ask quotes.

Either that or the streamer shows trades executing on other exchanges where the bids and asks are offset from the bid/ask quotes shown on the level II screen. I guess it can occur that different exchanges have different bids/asks, but usually trades are directed to the "best price" on the various exchanges.

I am becoming more and more convinced that the data made available to retail traders is delayed, or segregated in some way from the data available to major broker/dealers. When there are rapid large price moves, such as occurred with GGR today, retailers are only allowed to participate after the broker/dealers have completed their transactions.

Originally, there were rules to prevent this kind of manipulation. Market makers were obligated to fill client orders prior to filling their own. I have a strong feeling that mechanisms have been put in place, and blessed by the regulators, that have turned these rules on their heads.