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Non-Tech : Interactive Brokers / Timberhill

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To: aldrums who wrote (953)	1/11/2001 6:37:13 PM
From: dli	Read Replies (1) of 9012

For example: Say a stock is 5 x 5 1/4. INCA is bidding at 4 3/4. I could sell/offer down a 1/2 point on Instinet and my order would show up as a new lower offer at 5 3/16 instead of hitting the INCA bid? And I would continually be the inside offer until my limit price was reached? No. If in your scenario you send a sell order to INCA limit priced at 4 3/4 it will execute against the order sitting on the book. The behavior I've described would only take effect if no liquidity is on the book within your limit price range. If you should only get a partial execution at 4 3/4 I would assume that the remainder of your order will also be treated that way, but so far I've never had that happen to me. Dave

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