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Non-Tech : MB TRADING

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To: Mama Bear who wrote (1501)	10/20/1998 6:34:00 PM
From: wily	Read Replies (1) of 7382

Mama Bear, >>I have observed ISLD lock the market numerous times today See, I THOUGHT that I'd seen that happen, and now I have corroboration. My guess is that these are Island orders entered by Datek, who own the Island system, and are probably the only ones (among Island users) who have this kind of priority. Each ECN has a deal with Nasdaq concerning what kind of priority their quotes get and they pay Nasdaq accordingly. I think Instanet has the most MM-like priveleges. My brokerage (Watley) doesn't have any information posted concerning this, and you pretty much have to find out the hard way. It's not in their best interest to advertise all the bad news... >>What is silly is if GSCO wants to buy 1000 WXYZ at 10 and ISLD wants to sell 1000 (or less) WXYZ at 10, why isn't the trade just crossed? What is sillier, is why don't they do the limit-order pool idea they've been talking about? Because, then what would the MM's do for jobs?

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