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Strategies & Market Trends : DAYTRADING Fundamentals
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To: brec who wrote (8285)5/5/2000 5:38:00 PM
From: Helge Collins  Read Replies (3) of 18137
 
I think Eric is right in his post.

If you post a Day order on Island through
MBTrader, and Nite is still on the inside
ask, your limit order will cancel after
you have taken out the Island size at the
ask. The order will cancel because your limit
buy would lock the market. MBTrader only has
the 'normal' Island order.

Now, with OZ having access to 'Subscriber-
Only' orders on Island, his order will
not get cancelled because it will not
be displayed on the Nasdaq montage. It will
just stay on the Island 'till it gets filled
or canceled. So no problem with locking the
market with this type of order.

If you want to buy more from Island than Island
displays on the inside ask, and not incur more
than one ticket, you would have to use ARCA if
you trade with MBTrader.

Regards,
Helge
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