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Strategies & Market Trends : DAYTRADING Fundamentals
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To: August who wrote (4628)10/4/1999 6:08:00 AM
From: E. Davies   of 18137
 
Hence, no more posting sell order below the MM's fake "best available bid".
Not allowing "subscriber only" orders is not quite as bad as not being able to sell below the bid but it is a step in that direction. As long as there is a bid you will be able to target it with a public order routed to the ecn.

This disallowing "subscriber only" orders is also only when the ecn has been shown to be liquid in that stock. Hopefully this will mean that the need for "subscriber only" orders will be less.

Still, I agree that the whole process is absurd. There should simply be one central book where anything posted to it is required to be "real". That basic.

Eric
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