Meet Gene, a NASDAQ Market Maker Message Board

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Non-Tech : Meet Gene, a NASDAQ Market Maker

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To: darvasdarvas who wrote (1274)	12/5/2000 1:03:46 AM
From: Dan Duchardt	of 1426

darvasdarvas, I use Buy and Sell Stop orders to do my trading. I only trade on NASDAQ In case Gene does not get back to answer you soon, and since I'm still in the area, let me offer a reply. NASDAQ makes no provision for handling stop orders. Your broker holds your order until the stop trigger is hit, and then uses whatever execution paths it has to try to get your order filled. The only solution to your problem is to gain a complete understanding of how your broker processes these orders. Many offer stop limit orders where your order will go in as a limit order once the stop is triggered. If you broker only offers stop market orders, you may need another broker. Your reference to autofill suggests your broker has a pay for order flow arrangement with a dealer. These are often limited to small size. If you send a 1000 share order, the MM may fill you for 100 and then post the rest. If it is a market order, there are many possible ways it could be handled, including breaking it up into several smaller orders. You really need to know the specifics of your broker's order handling. Dan

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