DAYTRADING Fundamentals Message Board

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To: Helge Collins who wrote (8287)	5/5/2000 6:16:00 PM
From: OZ	of 18137

I think Eric is right in his post. Eric (as I replied to him the second time) IS EXACTLY RIGHT IN HIS POST. I just added another way of accomplishing what he said WITHOUT using a subscriber only order. The order will cancel because your limit buy would lock the market. This is not correct. That is why BREC WAS CORRECT when he stated that the order would cancel EVEN IF NITE was not at the offer anymore. The reason is because it is an Immediate or Cancel order. It says give me anything available at my limit price (inside offer) up to the amount of shares specified by me and then cancel immediately. Now, with OZ having access to 'Subscriber-Only' orders on Island, his order will not get cancelled because it will not be displayed on the Nasdaq montage. I ALMOST never use Subs. only orders. If I wanted the rest of a partial buy to show up on the bid, I would send it out as a non IOC. PERIOD. What part of this is so hard to understand. I do not know if the limitations are with you or your software. I am just stating island has the capability to function just like ARCA,BTRD,INCA and REDI in this regard. It is not deficient in any way. regards, OZ

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