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Strategies & Market Trends : DAYTRADING Fundamentals

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To: underdog430 who wrote (9967)	8/25/2000 8:20:38 PM
From: dli	Read Replies (2) of 18137

Mark, I don't know about ARCA, but at least with ISLD the specialist will trade through your price all the time simply because your order is not visible to the broader as ECNs are not integrated into ITS. There is a planned initiative to integrate ECNs into ITS through NASDAQ Intermarket, but I don't think this has come to fruition yet. Therefore I doubt that things are any different for ARCA. You may want to check out this earlier post from me detailing ISLD's behavior with listed stocks and its interaction with the broader market. Message 13938137 If you want time and price priority to be observed for your order I'd suggest you submit them through SuperDOT. While executions on the NYSE can take a few seconds longer than on NASDAQ at times wide spreads are definitely not a problem unless you're trading thin stuff. While displayed spreads will often appear wider than on comparable NASDAQ stocks that's not really a problem as you will almost always receive price improvement from the specialist (something an ECN cannot give you) and be execute in between the spread. Dave

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