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Strategies & Market Trends : From the Trading Desk

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To: TraderAlan who wrote (3636)	9/22/1998 10:13:00 AM
From: Ken Brown	Read Replies (2) of 4969

One of the advantages there was the obligation of the MM to honor the current inside price. Could someone please explain, or point me to a site where I can learn, exactly what this rule is? This morning, on a thinly traded stock, the inside spread was 1/16 x 3/16 (5x5). I entered an order to sell at 1/8 on ISLD, so the price changed to 1/16 x 1/8 (5x4). Orders at 1/8 of 1100, 500, and 500, as well as one of 500 at 3/16!, went off before my order finally filled. Is the only hope I have of getting filled using ISLD on a cross trade? Or was it because I was selling only 4 lots instead of 5? TIA, Confusedly, Ken

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