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Politics : Formerly About Applied Materials

AMAT 261.81

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Dec 26 3:59 PM EST

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To: Robert O who wrote (57829)	12/19/2001 8:09:17 PM
From: mitch-c	Read Replies (3) of 70976

OT - All or None Orders A few months back, I had the same question of my broker, though without the impact you've seen. The rep on the phone explained that orders fill (are paired) in this sequence when a tick is hit: first Market orders, then Limit orders, and finally All or None orders. The first two can be automatically executed; the last requires manual intervention. If there is a lot imbalance, and a tick goes lower, your order goes to the back of the pile AGAIN, as the lower market/limit orders are executed. (Remember - you said All or NONE, so NONE is a valid handling ...) Apparently, only when a) yours is the only remaining order on your side of the transaction (buy/sell) at that tick, AND b) when there are sufficient shares offered on the other side, does your All/None order actually execute. Given the shift in execution priority inherent in an A/N order, I've decided not to use them. Note that this is a second-hand description from a possibly ill-informed amateur ... please verify or debunk this for yourself. Comments and corrections welcomed from anyone. - Mitch

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