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Strategies & Market Trends : DAYTRADING Fundamentals
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To: Tai Jin who wrote (4575)10/3/1999 1:32:00 PM
From: Matthew L. Jones  Read Replies (2) of 18137
 
Tai,

Island is certainly faster, however, imagine the bail out scenario-- you missed your sell into strength exit on a long trade and it's starting to stall and you just plain want out.

1) ISLD below the inside bid IS NOT how you want to get out because (at least on my system) the trade will be rejected because I would be crossing the market.

2) If your system allowed it, only the stupidist traders are going to leave their ISLD bid out on a dropping stock. So you will have to go many levels down or not at all to get out on ISLD.

3) The same would be true with all other ECNS.

4) ARCA alone gives the ability to (with one click) access the best MM's, and ECN's and get you the heck out before you lose your shirt. ARCA allows me to cross the market as well.

5) Just as every square is a rectangle but every rectangle is not a square, ARCA can get you filled on ISLD, but ISLD cannot get you an ARCA fill.

I agree that ISLD is faster and gives you immediate response IF there are buyers in the ISLD book for the number of shares you are offering, however ISLD is getting worse and worse for partial fills, multiple tickets, etc. The reason ARCA takes longer is that it is doing a LOT more work behind the scenes.

Matt
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