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Non-Tech : Web Street Securities (WEBS)

WEBS 19.70

-2.3%

4:00 PM EST

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To: Doug Coughlan who wrote (1035)	7/14/1999 2:17:00 PM
From: Holt	of 1339

Very good analogy. A couple points though, some of the direct-access brokers offer smart keys that automatically route the order to the best price. They can do this because they combine NASDAQ's SelectNet, which can hit all of the ECNs and Market Makers, with direct-access links to ECNs. This an inherent difference between web-based brokers and their direct-access brethren. A distinction once you get the direct-acess brokers is the number and breadth of direct-access links they have to ECNs. These links allow you to go directly to one particular ECN and thus get executed in an expeditious manner. Holt Hackney CyBerCorp cybercorp.com

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