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Non-Tech : MB TRADING

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To: scanshift who wrote (4145)	3/3/1999 1:09:00 AM
From: whuffo	of 7382

Please don't infer that the only reason that an order will go around you on ARCA is that it's inferior to ISLD. As we all know (or should know if we are playing in this arena) many of the retail brokerages like Ameritrade, Waterhouse, Discover, etc. sell order flow. Many times I've sat as the sole offeror on the ask on both ISLD or TNTO and watched thousands of shares go around me because of this practice. Having said that, there is no question that ISLD is far more liquid than TNTO. If I want to buy at the bid or sell at the ask, I never use TNTO but use ISLD instead. But ARCA is still very useful in getting in and out when the MMs are playing their "offer 100 shares game", i.e. I've sent a 1K order thru ARCA and gotten 5 separate fills from 5 different MM of 100 to 300 shares each to finally complete the order. Doing that manually with SNET prefs or 100 share SOES, while possible would be tedious, slower, and cost me multiple commissions. It all boils down to knowing your tools: their limitations and their strengths. Anyone who wants to seriously trade must learn the technologies and processes involved. Failure to to so is plain dumb. These people should stick with Datek or Ameritrade or whatever.

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