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Non-Tech : MB TRADING
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To: Gary Korn who wrote (1154)9/8/1998 7:30:00 AM
From: TraderAlan  Read Replies (1) of 7382
 
Gary,

You've hit the downside of all this stuff. You must use a limit order on ECNs and have no guarantee of executions. You can get hit with 3 or more commissions canceling and reentering sell orders for your balance.

The EDT brokers have pushed SOES market exits for getting out quickly but this isn't a good option since rules changed mid July and the correction began.

Expect slippage (and sometimes major slippage) getting out when you're just plain wrong and the market turns. My preference at this point is to use ARCA in a hurry since it taps not only ISLD and TNTO (their ECN), but will also hit Instinet (where a ton of liquidity is) , other ECNs and SelectNet. Also consider ARCA only taps one preference on SN, some fuzzy computer logic choice. If you know who's making a big market in the stock, you can pref that MM yourself and pray for mercy.

Alan
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