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Non-Tech : JPR Capital
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To: dave carroll who wrote (444)5/10/1999 2:11:00 PM
From: wily   of 495
 
ARCA is a very nice route to have sometimes, especially in slow markets. It will not cancel when you cross the market -- it simply eats up all the shares within your limit price and then displays the unfilled portion.

OTOH it can be maddening in a fast market because of the various rules that govern the amount of time a MM has to fill you and the amount of time you have to wait to cancel.

ISLD as used by most firms will cancel any shares not matched by the ISLD book if the order price crosses or locks the market. Cyber has begun using the "Subscriber Only" feature which allows an ISLD order to stay live in the ISLD book even if it would cross the market were it displayed.

I called ISLD to ask about this and they said that it is up to the individual firm how they program their ISLD interface -- which means that if your firm doesn't have "subscriber only" it is because they want you to "trade more". Or in the case of ARCA firms, they want you to use ARCA.

This is what I was told by Island (my own interpretation). I am not able to verify it.

w
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