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Non-Tech : Interactive Brokers / Timberhill
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To: John Megert who wrote (994)1/13/2001 4:46:06 PM
From: Dan Duchardt  Read Replies (3) of 9012
 
John,

I think your are just reaping the benefit of ISLAND liquidity. ISLAND does not route to other market participants. When you send a marketable order to ISLAND, it cannot be represented to Nasdaq because that would lock the market. There was a time when ISLAND rejected all such orders, but a year or more ago they started accepting them and putting them on the book, just not sending them along to Nasdaq for inclusion in level1/level2. Even though they are only accessible to ISLAND users, ISLAND bids at the inside offer, and ISLAND offers at the inside bid tend to have a very short lifetime. If you watch these orders appear on your IB screen you will see they don't last long. I'm probably one of the guys taking you out if I get the chance.

Dan
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