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Non-Tech : Knight/Trimark Group, Inc.
KCG 20.000.0%Aug 17 5:00 PM EST
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To: gbh who wrote (4767)10/9/1999 9:05:00 PM
From: Keith J  Read Replies (1) of 10027
 
Gary,

Perhaps its my lack of understanding about how ECNs work, but what's the guarantee you get the best price if your market order is sent to an ECN such as Island? I know for a lot of illiquid issues, the orders I've seen on the Island book can be dollars apart.

What consitutes a match....exact number of shares? Bid/ask the same? 1/16th apart? 1/8? etc. And where does the spread go?

KJ
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