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Non-Tech : OAKLEY- NYSE:OO
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To: grasshopper who wrote (994)8/22/1997 12:16:00 PM
From: Brian C. Lund   of 1383
 
Level II access allows you to actually see the bid and ask amounts being offered, and the market makers who are offering them (and the sizes). When we see a bid x ask of 1/4 x 1/2 there might actually be bid sizes from 1/8 to 3/8 and/or ask sizes from 3/8 to 5/8. And there are sizes go from 1000 up to whatever. Level II is what SOES traders use to trade. They play the small discrpencies between brokers. If Broker "A" is offering a ask of 3/8, they "load" an order of 1000+ shares. Let's say a big order comes into the market, the SOES trader will attempt to execute the order at 3/8, before that broker adjusts their price. SOES executions run 2 seconds or less. Then they just sell the 1000+ shares to another firm, or simply back to the firm they bought it from, usually for a 1/8 or 1/4 point gain.

BCL
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