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Non-Tech : Ashton Technology (ASTN)
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To: Arcane Lore who wrote (2305)8/11/1999 1:55:00 AM
From: mst2000  Read Replies (1) of 4443
 
Thanks for the links and the info. I think we are largely talking semantics - but yours is clearly the more accurate statement.

What I was describing as "central" to the NASDAQ limit order book (the one that is revealed by NASDAQ Level II and III connections) is that is discloses all limit orders placed by NASDAQ MMs unless they get executed before they are posted because the market is moving so quickly - so it is "central" as it relates to the trading of NASDAQ listed stocks through limit orders placed by NASDAQ MMs outside of ECNs. It is not "central" in the sense that it does not include limit orders placed through ECNs (though, if some ECNs don't match a limit order within X minutes, they then place the limit order in the NASDAQ limit order book, so that it can be executed rather than sit interminably unmatched). Anyway, so I called the NASDAQ a central limit order book when in fact it only picks up ECN unmatched spillover, and not all limit orders on all ECNs and exchanges (which my original post acknowledged by pointing out that ECNs first try to execute internally, and only after some time lapse moves the order into the NASDAQ LOB). My apologies for creating any confusion.

Thanks again for the correction.

MST
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