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Technology Stocks : Ascend Communications (ASND)
ASND 210.50+0.5%Nov 21 9:30 AM EST

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To: Frank de la Torre who wrote (35544)2/20/1998 8:45:00 AM
From: Gary Korn  Read Replies (1) of 61433
 
Frank, here is a level 2 screen and an explanation:

ASND 34:F 34.4 20x10 2x1 35 -- 3,000 0 0
==== 34.7 35 65x21 7x3 0:00 300 .
34:T 35:1 41x20 4x2  Dynamic 

MM Bid Ask Size Time MM Bid Ask Size Time
GSCO 34:F 35:5 10x10 0:00:00C EVRN 33.5 34.4 10x10 8:23:32
PRUS 34:F 35.3 10x10 8:15:59 MLCO 34:T 35 10x10 8:18:32
JPMS 34.7 35.6 10x10 0:00:00C MSCO 34.4 35 10x10 8:34:07
DLJP 34.7 35.5 10x10 0:00:00C MASH 34:T 35 1x1 8:15:59
FBCO 34.7 35:7 10x10 0:00:00C WSLS 34.6 35:1 10x10 0:00:00C
SBSH 34.7 35.3 10x10 8:15:59 SHWD 34:E 35:1 10x10 8:35:03
HMQT 34.7 35.7 10x10 8:23:23 PERT 34:T 35.1 10x14 0:00:00C
BEST 34.7 35.2 10x3 8:32:53 NAWE 34.6 35.1 10x10 0:00:00C
SBCW 34.7 35.4 5x5 0:00:00C JBOC 34.6 35.1 5x3 0:00:00C
NITE 34:T 35.1 20x2 0:00:00C NITE 34:T 35.1 20x2 0:00:00C
PERT 34:T 35.1 10x14 0:00:00C MADF 34.5 35.2 5x43 0:00:00C
MLCO 34:T 35 10x10 8:18:32 BTAB 34.4 35.2 10x10 0:00:00C
MASH 34:T 35 1x1 8:15:59 SELZ 34.6 35.2 10x10 0:00:00C
NAWE 34.6 35.1 10x10 0:00:00C RSSF 34.4 35.2 10x10 0:00:00C
WSLS 34.6 35:1 10x10 0:00:00C JEFF 34.4 35.2 10x10 0:00:00C

1. The numbering system:

"." is eighths. Thus, 34.2 = 34 2/8 and 34.5 = 34 5/8 etc.
":" is sixteenths. Thus 34:2 = 34 2/16 and 34:7 = 34 716
"E" is 11/16. Thus 34:E = 34 11/16
"T" is 13/16. Thus 34:T = 34 13/16
"F" is 15/16. Thus 34:F = 34 15/16
' is thirtyseconds. Thus 34'23 = 34 23/32
" is sixtyfourths. Thus 34"23 = 34 23/64

2. The level 2 screen:

ASND 34:F 34.4 20x10 2x1
34.7 35 65x21 7x3
34:T 35:1 41x20 4x2

These 3 lines in the top left hand corner are a summary of the
3 best bids and asks. The top line says that the best bid is
34 15/16 and the best ask is 34 1/2 (an anomoly due to pre-market).
The bid volume is 20(000) and the ask volume
is 10(000). There are 2 Market Makers (MMs) bidding
34 15/16 and 1 MM asking 35 (lets call it that to eliminate the anomoly).

That is, there are 2 MMs who will buy from you at 34 15/16.
There is 1 MM who will sell to you at the lowest price of 35.

The series of lines below this is a summation of all the MMs, their
bids, asks, bid/ask volume and times of last trade.

Gary Korn
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