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To: Alf who wrote (163)	5/12/1998 6:07:00 AM
From: John Hunt	of 7382

<< Could you please explain what ARCA is? >> ARCA is Terra Nova's ECN. (MB Trading is a subsidiary of Terra Nova) When you place an ARCA order, the software looks for a fill on ARCA, followed by ISLD, followed by other ECN's, followed by Selectnet (Nasdaq), where if still not filled, it will remain visible to the market makers. It does not include SOES on its routing. ARCA orders can be limit or Market. If market, ARCA will keep hitting the bids (in the case of a partial fill) until completed. This is different from a SOES market order which will be handled and priced by one market maker. Hope this helps. John

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