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Non-Tech : MB TRADING

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To: JerryPutnam who wrote (2272)	11/25/1998 12:40:00 PM
From: Eric P	Read Replies (2) of 7382

All orders entered into the ECN are electronically routed without any human intervention. Jerry: I don't believe this is what was being questioned. The question was: Does Terra Nova, Archipelago, or any other TNTO related entity trade against the order flow of the ECN? Certainly, this could not be done manually, but it definitely is very possible (and perhaps tempting) by computer. Similarly... Assume that I have the only TNTO order on the books to sell XYZQ stock at a price of 30, and a new buy order is entered into ARCA/TNTO to buy XYZQ at 30. Will I always get the fill? OR, is there a computerized system in place which is capable of executing against and pick off the occasional extremely favorable order, in place of me begin executed with that trade? -Eric

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