Datek Brokerage $9.95 a trade Message Board

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Non-Tech : Datek Brokerage $9.95 a trade

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To: EK who wrote (3445)	6/25/1997 5:29:00 PM
From: Gorak Shep	of 16892

Eve, I see ISLD represent orders on NASDAQ Level II all the time. ISLD is Island's MM symbol. The other ECN's MM symbols are INCA (Instinet), BTRD (Bloomberg Trading), and TNTO (Terra Nova's Archipeligo). From what I've seen, ISLD only represents its best price (bid or offer) for a given stock which need not be the best market price. For example, you might see a bid from ISLD at 22 when the best bid is 22 1/8 but you won't see an ISLD bid of less than 22 even if there is one as long as the 22 bid is visible. And ISLD will add up all the shares it has for any quote it displays. I can't explain why you didn't see your PSUN bid if it is trading under the new rules. You should have seen it even when the best bid moved up unless it was hidden by a better ISLD bid. It will take someone from Datek like Peter to explain this, I believe.

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