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Non-Tech : MB TRADING

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To: shag007 who wrote (4932)	6/18/1999 1:00:00 AM
From: -	Read Replies (3) of 7382

I believe those ISLD orders are also presented to the NASDAQ system SOES+Selectnet as a broadcast... there is a slight delay b4 it leaves ISLD and goes out to NASDAQ though, to prevent double-fills. So, ISLD is not really an "Island"! If a Selectnet or SOES order is matched on NASDAQ, you are filled there. This could happen either by a market maker manually preferencing you, or automatically because the order is (a standing order in) the NASDAQ mainframe's "book" (because it was put there by a market maker). Otherwise the two systems would be hard to keep in sync in real-time... anyone with more info on exactly how that works, feel free to elaborate. This is a general issue with ECN ("ECN integration"), that I'm sure NASDAQ has pulled it's hair out on for a while. -Steve

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