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Strategies & Market Trends : From the Trading Desk
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To: TFF who wrote (2775)3/28/1998 9:12:00 AM
From: John Hunt  Read Replies (2) of 4969
 
Irby,

I am sure Steve can answer in more detail, but I believe from what I have read, that Selectnet is owned by the Nasdaq/market makers, whereas Island and Archipelago are owned privately.

Selectnet appears to be being used by the market makers to avoid publicly reducing their posted spread. SEC gave them an out by allowing them to post to an ECN instead, but that doesn't stop them from ignoring your order.

BWDIK.

:-))

John

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