Glenayre Technologies(GEMS)- a pure cellular PCS play? Message Board

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Technology Stocks : Glenayre Technologies(GEMS)- a pure cellular PCS play?

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To: Linda Kaplan who wrote (2321)	11/21/1997 4:15:00 AM
From: Skeeter Bug	Read Replies (1) of 3431

linda, instinet was a very useful tool to buy stocks in between spreads for stocks that weren't "phased in.". for example, nfliw was trading at $4.00 x $4.50 about 3 months ago and i wanted a position. it wasn't phased in yet. with a normal broker i'd have to pay $4.50 or put a limit order in and hope the stock shaved a lot off the ask - but you can bet the bid would have slid by an equal amount. the instinet is a system that allows major brokerages and institutions to see bids and asks outside of the listed market maker bid/ask. i put an order on instinet for $4 1/8. an institutional holder, with instinet access (or anybody with instinet access), who wanted to sell could now get $4 1/8 instead of $4 (the mm bid). however, NOBODY else would ever see the $4 1/8 bid nor could they sell to me at $4 1/8. when a stock is "phased in" it means that the stock now has limit order transparency - nothing is hiding your limit order from the bid/ask so everyone gets to see it. nfliw was recently trading at $3 by $3.50. i didn't want to pay $3.50 so i put a limit order for $3 1/8. since nfliw is now "phased in," the market makers had to either 1. fill my order or 2. SHOW MY ORDER AS THE NEW BID. since they didn't fill me the new bid ask, for all to see, was $3 1/8 by $3.50. i purchased my shares at $3 1/8 and saved over $500 off the ask. the value of the instinet now is before and after market hours trading - which i rarely use and doesn't justify my high commissions. i use pt discount but will transfer to waterhouse as soon as i'm comfortable transferring my assets.

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