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Strategies & Market Trends : From the Trading Desk
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To: steve goldman who wrote (1957)12/10/1997 8:06:00 AM
From: Edward R. Haskins  Read Replies (1) of 4969
 
Steve:

I guess what I'm trying to learn is where Limit Orders outside the current market are "parked". I'm trying to learn the NASDAQ Market Maker system, and how orders flow or are routed. I'm not just being curious -- I have a real need, as you will see from the following question. I've been reluctant to ask these questions because it is not the sort of information commonly needed, and you'll not get any return on your "time to answer" investment . .... :-)

Here goes . .... I live in a developing country that only recently got the Internet, and do not have access to the North American 800 numbers. So, my only choice is an Internet broker! And I want to keep it really simple, because to try to settle some dispute from this distance can be impossible. I'm prepared to accept not getting price improvements, but I need to learn how best to place orders so as not to have conflicts or questions with the broker. As I understand things at this point, I'd be safer using Limit Orders (even Limit Orders at the market), entered only on an ECN (Island?). That would allow me to watch the Island limit book and see where my order stood in relation to others on Island, etc., and see on Level II when my order was at the inside and waiting for execution (ISLD as MM). Would any of the online brokers even allow me to have orders only presented to their ECN? How would you trade in this situation? Or would you attempt to trade at all?

Thanks for all your help . .... Ed
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