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Non-Tech : MB TRADING

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To: Robert Cohen who wrote (1643)	10/29/1998 10:31:00 AM
From: Eric P	of 7382

I have a question re ISLD executions. Is there a difference between Island direct and Island via MBT or any other online firm? I have been led to believe that it is possible to cross any existing order on the ISLD book via ISLD direct, but only the best bid/ask via daytrader broker such as MBT. For example XYZ 30 1/2 bid X 500 GSCO with the best bid on ISLD 30 3/8 X 200. Assume the stock is tanking and I want out now holding 2000 shares. Is it possible to therefore to cross an existing ISLD bid of 30 5/16 X 2000? Robert, You shouldn't have a problem placing that order with ISLD. You will be filled with the first 200 shares on your 2000 share order at a price of 30 3/8. In addition, you will be filled with up to 1800 shares at a price of 30 5/16 or better. However, if less than 1800 additional shares are available for you at or above 30 5/16, your order will receive only a partial fill of the available shares and then be cancelled out. ISLD will not keep/post orders which cross or lock the inside bid/ask. -Eric

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