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To: Time Traveler who wrote (4725)	10/6/1999 9:29:00 AM
From: Eric P	Read Replies (1) of 18137

Time Traveler: Let me try to address some of your questions regarding SOES, SNET and the ECN's. SOES Only marketable limit orders accepted (i.e. buy at ask or above) Orders will time out after 90 seconds, unless cancelled or filled See also: #reply-9980318 SNET You wrote: "Routing = MMs first, then ECNs" Note that SNET routes to either market makers or ECN's, whichever you have selected. A single order is only sent to the selected other party, no sophisticated order routing is done for you. Also, there is not market order functionality. See also: #reply-10248086 ARCA and other ECN's Note that ARCA is an ECN and can also be an automated order routing system, assuming your broker has this feature configured. More information on the order routing system can be found at #reply-11429312 General ECN information: #reply-9982837 More ISLD information: #reply-9995262, #reply-9979945 Note: All of the ECN's are limit order books and do not support market orders. Hope this helps, -Eric

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