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Strategies & Market Trends : From the Trading Desk

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To: Ken Brown who wrote (3637)	9/22/1998 4:02:00 PM
From: TraderAlan	Read Replies (1) of 4969

Ken, With ECNs, including ISLD, you're only crossing with other traders. MMs have no obligation (or general interest) in filling your order although they can if they want to. You generally need other ISLD liquidity to get your order done. MMs sometimes use ISLD to mask their own buying/selling. The obligation to honor inside price is part of the contract between brokers and MMs in the payment for order flow agreement. Some discount houses may have FAQs on the subject but they generally aren't too thrilled with the public knowing exactly what happens to their money. Alan

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