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Strategies & Market Trends : The Final Frontier - Online Remote Trading

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To: LPS5 who wrote (7903)	1/20/2000 5:33:00 PM
From: Dan Duchardt	Read Replies (1) of 12617

It seems to me the key question, not addressed in this article, is what will become of the existing SelectNet "Fill or Move" rule. Right now the MMs must either fill a SelectNet preference order at the requested size, or change their quote. If this rule is implemented in the new system, that would take care of the nonsense of an MM sitting at the inside market showing 100 shares and only filling once every (in the future) 5 seconds. I don't believe this rule was part of the proposal to the SEC because the proposal was written before the fill or move notice was published. I guess we should dig up the latest version of the proposal if we want to know what effect this change is really going to have. I remember reading it a long time ago and coming away with the impression the MMs will still have the table tilted in their favor. Come to think of it, if the Fill or Move rule is not carried over to the new system, it will be detrimental to traders. The MMs will then be able to legally sit still doing the one execution every 5 seconds thing, at whatever size they are quoting, without regard to the size of the orders hitting their quotes. Dan

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