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Non-Tech : CYBERTRADER
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To: Philip R Berber who wrote (916)6/29/1998 5:57:00 PM
From: Eric P  Read Replies (2) of 3216
 
Philip:

I have two questions regarding the pricing for using the ISLD ECN.

1) Did you make a typo on the cost per share? Should the cost be $0.015/share, or $0.0015/share?

2) Also, I am confused about how any ISLD order can REMOVE liquidity. Perhaps there is an easy explanation. I thinking is that each and every order adds liquidity. Unless, perhaps, an order reducing liquidity is one which already has a matching order existing on the book, thereby removing an existing order?

-Eric
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