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Strategies & Market Trends : Daytradng 101... A place to ask simple questions.
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To: Dan Duchardt who wrote (25)2/18/1998 12:04:00 PM
From: Cash  Read Replies (1) of 32
 
Dan,

Nice, comprehensive reply, but I do have a couple of clarifications based on my experience, and I must stress that I'm sure this is based on the Order Entry system you use, so choose wisely.

1. Our order entry system would automatically redirect a SOES order to an ECN if there was an equal or better quote there as you were more likely to get the execution that way.

2. Your chances of having an execution when you go on the bid are BEST (not guaranteed) if you are on the most used ECN and one that has the situations in #1 above occurring. The ECN transaction was always instantaneous. And it would only redirect to an ECN where the cost was the same as with SOES. You had to preference an ECN that would cost more (INCA).
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