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Strategies & Market Trends : Stock Attack -- A Complete Analysis

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To: sam_o who wrote (27987)	8/21/2000 8:05:45 AM
From: dli	Read Replies (2) of 42787

Sam, what I meant was that in order to effectively make use of a direct access broker you have to have some knowledge of the internal structure and order handling rules governing an exchange. On the NYSE that is rather trivial as there is only one entity, the specialist, which solely is responsibel for keeping an orderly market. The NASDAQ on the other hand is a rather fragmented marketplace (unlike the NYSE which respresents a continuous auction market it is a netgotiated market) where in each stock a large number of market makers, ECNs, and ATSs interact. ECNs and ATSs, which are proactive ECNs that will work your order for you, have their own internal order books, so your order may get executed there and not even get into NASDAQ. There is several different execution paths and systems and you should be aware of how they work and their specific restrictions and advantages over each other in order to achieve good executions. Depending on how frequently you trade you may decide that it's not worth the effort. Dave

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