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Non-Tech : MB TRADING
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To: CanynGirl who wrote (485)7/12/1998 3:59:00 PM
From: Sword  Read Replies (1) of 7382
 
"....it goes through a preferencing sequence first, but if that fails, it then displays your bid on the TNTO ECN."

Right. It is at that point that if you are splitting the bid/ask that the inside quote on level 1 screens across the country will reflect your price, since they will reflect the prices of any ECN and TNTO is an ECN. Thanks for the correction. Someone else on this thread asked about that earlier.

What you will never see, of course, is any crossed bid displayed on level 1 since that bid will be preferenced and not broadcast. For example, on fast moving stocks like Dell, you'll sometimes see bids on ARCH displayed on LII that are substantially above the inside ask. These bids don't change the level 1 inside bid prices that are displayed. If the market moves to that price and the ask moves above it before it gets executed (happens sometimes), then ARCA in working your order automatically, will plug it into TNTO and broadcast it. Now the inside bid is yours and it displays on Level 1.

-Sword
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