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Strategies & Market Trends : From the Trading Desk

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To: steve goldman who wrote (3626)	9/21/1998 2:00:00 PM
From: GT	Read Replies (3) of 4969

Steve - I visited Cornerstone Securities (on of many direct order entry firms out there) and was suprised to find that these traders had a hard time getting in and out of stocks. Their sales line is "we have the fastest executions anywhere" with island/soes/selectnet/instanet etc available to choose from. It seems these ecn's give you the ability to put your order up on the screen fast - but not necessarily get filled at all. Am I correct in assuming that the mandatory fills a discount broker gets from mm's is not available to daytraders using these ecn's ? Also - you cannot cross the market using island - and if soes is bogged down how do you sell fast at the bid ? Do these ecn's really give daytraders an advantage or are they not all they are cracked up to be ? When a trade is placed with lets say waterhouse where do those trades go and how are they able to give price improvement ? I get price improvement often with waterhouse - but cannot daytrade with them due to their very slow confirmations (can't sell it if you don't know if you own it yet ). Thanks for clearing up this issue of lack of real liquidity at these ecn access daytrade firms. Gorcon

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