Doug, you are suggesting that I can only get cancelled because of a locked market if I first get a partial fill. I assume your reasoning is that a marketmaker can't lock the market with me unless I am "away" for a split second while Island updates my order (changing size after a partial fill). But, that's not right, because market makers and ECN's other than Island lock and cross markets all the time without cancelling each other out.
All in all, though, it looks like everyone is trying to tell me that Island is Island and everyone who uses it has the same problem. How discouraging. I used to be so high on Island. Well, hey, anyone heard about the limit-order pool that Nasdaq has been talking about? Would make it a little bit like NYSE. May not happen, though, 'cause MM's won't like it, as it will kill them. And after all, what is NASD? National Association of Security DEALERS, where DEALER is the key word. Dealer got to have his edge (or why bother playing?) Problem with brokers? not me... |
