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Non-Tech : MB TRADING

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To: Rick Faurot who wrote (678)	8/1/1998 2:52:00 PM
From: John Hunt	Read Replies (1) of 7382

<< I not getting filled if I am bidding the ask and shares are still being offered? >> Hi Rick, My understanding of ARCA is as follows: An ARCA order will be checked against the Archipelago ECN, followed by the ISLD and other ECN's. If there is no fill the order will be preferenced to the most logical marketmaker on Selectnet (ie the P). The market maker has a time period to respond. (17 seconds? 30 seconds?) If he is also being preferenced by someone else before you, he can fill them and wait up to the time period before changing his price and declining you. If he does so, ARCA will preference another market maker, but unfortunately the price level may have changed by then. Not fair, but whoever said life (or Nasdaq) was fair. :-)) John PS - I see Sierra has answered ... maybe between the two posts, you can find what you need. ARCA definately preferences more than once since if you put in a order 1/16 worse than the market to ensure a fill, it will change its price if it doesn't get a complete fill at the original quoted price. A market SOES order will put you to the front of the queue of incoming limit orders, but you are at the mercy of the market maker and have to hope that he doesn't eat you alive.

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