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Strategies & Market Trends : Level II Trading

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To: Jack Zahran who wrote (364)	3/14/1998 9:14:00 PM
From: Morpher	Read Replies (2) of 1086

When I talked to the Nasdaq people, I walked away with the understanding that just because an order is represented on Island, it doesn't mean that it will be sold through Island. The traders within the brokerage can still trade it outside of Island and try to give it to the other party that pays the most for Order flow. If they actually had some sort of arrangement to do it, it would actually be beneficial to your order since it would increase the probability of the fill. I don't see why any MM would go into such agreement since if they really wanted this order they could just pick it off ISLD for $1. So you'll see other orders go by while yours sits at the Bid and sometimes even the ASK. This happens because when your order is represented on ISLD, other MMs can execute their customers' orders by matching your price without having to have a better or equal quote or executing your order. That's not Datek's fault, it's just how NASDAQ works. And forget about between 9:30 and 10 AM when the house traders are swamped with orders. I agree here, although it's better than it used to be.

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