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Non-Tech : Interactive Brokers / Timberhill
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To: John Megert who wrote (994)1/15/2001 3:58:31 PM
From: dli   of 9012
 
ISLD is a passive ECN, unlike REDI it won't actively work your order. You will only get filled if there's liquidity on the book or someone comes along to take your offer or hit your bid. ISLD used to reject marketable orders that would lock or cross the market until they changed their order handling rules this Fall. Now when you put marketable orders on ISLD, ISLD will display your order on LII at the bid 1/16 below the inside ask in case of a buy order and vice versa for a sale. If someone hits you, however, you get your limit price. So basically you're providing people with price improvements which also explains why you seem to have good success getting filled this way. However, when the market is going strongly against you trying to get out this way should be a lot more difficult than preferencing other market participants directly unless you're making very large concessions on price.

Dave
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