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Non-Tech : MB TRADING
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To: Colin Cody who wrote (2492)12/3/1998 10:38:00 AM
From: Rick Faurot  Read Replies (3) of 7382
 
Colin,

If you offer under the bid via ARCA or ISLD, yes you will get filled at the best price available. Example: Yesterday on the big runup on EGHT, a trader bought 20k shares by bidding 8 5/8 on ARCA when the inside ask was 8. He began filling at 8, then 8 1/8, etc. until he got the last of his shares at 8 5/8. The stock blew through 9 and hit 10 running hard. He then offered his shares at 9 5/8 as protection against a shake. He got filled mostly at 10 with some 9 7/8. By using ARCA this way, he got an average gain of about 1 1/2 on 20k shares in a very fast stock. You could do the same thing with ISLD except that you risk having ISLD kill your order after only a partial fill. ARCA works best in the example just shown. Of course this was obviously a veteran trader with lots of money. Only now he has lots more money thanks to ARCA.

Rick
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