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Strategies & Market Trends : DAYTRADING Fundamentals
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To: Jon Tara who wrote (8322)5/6/2000 3:01:00 PM
From: OZ  Read Replies (1) of 18137
 
SNet will then be used only to buy above the offer or sell below the best bid.

That is how I originally saw it. But now I think SNET is ONLY good for negotiating with a MM for size larger than he his posting (with zero liability). Of course you can still pref. an ecn as you described above "buy above the offer or sell below the best bid" if your platform does not have direct links. This should make it a bit harder to get out of a falling knife since you can only "trade below" to an ecn now (unless some nice MM will is willing to graciously accept buying an oversize order on a tanking stock). Presently, I can split my exit among the multiple liabilities (soes, snet,) and ecn's. Soon I will only be able to split it among only ecn's and SOES (with a larger que). Remember, this rule was changed to appease the market makers and there present dual liability situation. Now they have everyone standing neatly in line trying to get out of the same door (except for ecn's).

The question I have is this. If an ecn decides to become SOESable, do they give up the right to be executed against directly and intentionally as they are now and thus become ONLY SOESable? If the NASD allows them to have both options simultaneously, that puts them in a serious competitive disadvantage to the ecn's and I find it hard to believe that they would shoot themselves in the foot like this. I will probably call Market Reg. on Monday to find out the answer to this.

regards,
OZ
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