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Non-Tech : MB TRADING
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To: wily who wrote (1478)10/19/1998 11:32:00 PM
From: Robert Cohen  Read Replies (1) of 7382
 
The folowin is a quote from the Advanced Trading Course at Elite Trader:

"Orders entered on Island can be designated by your broker as either ATOMIC or DIVISIBLE, depending on the system used by the broker to enter the order. An ATOMIC order can only be executed once, so if there is any execution for less than the full size of the ATOMIC order, the balance will die. A DIVISIBLE order can be executed in several lots, so even if only a part of the full size is executed, the balance will remain on the ECN book until it is executed or canceled. I was told by the creator of the Island ECN, Josh Levine, that "There are several dozen firms that use systems that do not support DIVISIBLE orders. In the case where an ATOMIC order is partially executed, it is up to the order entry firm to decide whether to re-enter the remaining shares back into Island." Several dozen?? Wow, that's a lot of firms. That could mean 60 or more brokerages that use ATOMIC orders."

Robert
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