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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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To: TFF who wrote (8206)5/11/2000 6:32:00 PM
From: Wayners  Read Replies (2) of 12617
 
The proposal would have dealers' trading screens list the
three best buy and sell quotes for any stock, instead of just one,
and would list quotes from Nasdaq dealers and the electronic
networks. Dealers and investors now must search for the best
prices among the different networks.

As now designed, the supermontage, coupled with Nasdaq's
pricing conventions, would put certain electronic networks last in
line to execute orders entered through Nasdaq.

Again what does this mean?

a) Level II is going away and you have to use this new system
b) This is a system that improves on Level I and is available to anybody that wants it. If you want to continue getting Level II you can and you can still use SNET/SOES/ARCA/ISLD/INCA etc and continue doing the "painful" task of laboriously "searching" for the best price. (What a joke, doesn't ARCA already do this--WTF?)
c) This is a market order system that routes orders to market makers ahead of ECNs that are quoted at the same price regardless of the time stamp of the bid or ask price.

I think the answer is b and c. I am weary of market makers getting to fill their orders ahead of those that were there first with their bids and asks. This just makes the wholesaling payment for order flow cheating market maker trash get an unfair advantage. You will never see specialists on the NYSE front running other peoples orders at the same price like you see on NASDAQ.
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