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Strategies & Market Trends : DAYTRADING Fundamentals
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To: Tai Jin who wrote (4603)10/3/1999 5:10:00 PM
From: Eric P  Read Replies (2) of 18137
 
But that's what I was saying. It won't try the next level until the inside is taken out. This is fine in very liquid/slow moving stocks, but it's a curse in less liquid/fast moving stocks.

Tai:

To my knowledge, this is not true. If you place an ARCA order to buy stock with a price above the inside ask, your order will simultaneously be preferenced to multiple market makers at their posted prices, both at the inside ask and at levels above the inside ask. Your order routing will not be restricted to market makers at the inside ask, unless those collective market makers are quoting sufficient shares to theoretically fill your entire ARCA order. Otherwise, you 'left over' shares will immediately be routed to market makers at higher levels until all of your ordered shares have been 'allocated' and orders placed. Note that these routing decisions are made instantly by computer, and all of the collective orders are determined and routed to the appropriate MM's and ECN's instantaneously.

-Eric
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