Datek Brokerage $9.95 a trade Message Board

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Non-Tech : Datek Brokerage $9.95 a trade

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To: The Vet who wrote (5246)	10/8/1997 3:34:00 PM
From: Jeffrey Citron	of 16892

Due to NASDAQ regulation orders that are less then 100 shares can not be displayed on NASDAQ. In your case when the best offering on ISLAND was a SELL for 65 shares @ 6 5/8 your order maintained its position on the book and was displayed on thousands of termianls, but it was not displayed on NASDAQ. If an addional sell order had been recived we would agggregate the additional shares with your shares and if the total number of shares exceeded 100 then it would be imeeditly displayed on NASDAQ. When the best order on the book is a odd lot, The order at the next best price will be displayed (poviding it is not less then 100 shares) I hope this answered your question fully, if you have any addition questions regarding The Island ECN I would be happy to answer them. Jeffrey Citron Smith Wall Associates LLC

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