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Strategies & Market Trends : From the Trading Desk

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To: bob wallace who wrote (4471)	4/19/1999 9:32:00 AM
From: steve goldman	Read Replies (2) of 4969

A wider limit order must be displayed and we would expect to be held to the trade. A limit with discretion could result in the trader not using discretion. Afterwards, the discretion, in highsight, might have been worthwhile to use. You only know this after the fact. Yet, we would call it DNE..discretion not exercised, no liability. ie....sell 100 ABCD 10...trades at 10 1/8, you should be complete, unless irregular market conditions... sell 100 abcd 10 1/4 with 1/4 discretion...trades 10, 10 1/8 at 10 3/16....and then goes lower...maybe nothing done...maybe you get anywhere from 10 to higher, depending on how trade works.. but if it goes lower, doesnt trade through the 1/4, you have to live with a nothing done....DNE....

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