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Non-Tech : MB TRADING
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To: Rick Faurot who wrote (2276)11/25/1998 2:00:00 PM
From: JerryPutnam  Read Replies (1) of 7382
 
Rick,

Per NASD rule 6130(b),transactions in Nasdaq securities must be reported within 90 seconds after execution. As such, trades you see printed might be up to 90 seconds old. In addition, unlike the NYSE, there is no time preference with NASDAQ stocks. ( i.e. even if you are the first to post at a certain price, the contra party might preference someone else to do the trade with.) Based on these two facts, I believe it is apparent you can not pass judgement on the quality of ARCA fills by just comparing your order with trades you see on the prints at the same price.

Pat Murphy - Compliance
312/960-1694
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