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Non-Tech : MB TRADING
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To: tom pope who wrote (2503)12/3/1998 5:12:00 PM
From: Rick Faurot  Read Replies (2) of 7382
 
Tom,

Reasonable question. Doesn't work that way as long as there are shares out there to fill your ISLD order and thus prevent it from being displayed. Remember: what is illegal is DISPLAYING a crossing/locking order, not making one.

Example: XCIT shows 50 1/8 x 50 3/16 and you think it's going tomove up. ISLD shows 1k at 3/16. In order to be sure you don't get a cross/lock kill on your ISLD bid, you bid 50 3/8. As soon as your order goes out, it comes back filled like this:

Bought 600 XCIT @ 50 3/16
Bought 400 XCIT @ 50 1/4

Here you are filled at a good level assuming the stock goes well. If you had entered a bid of 50 3/16 at the exact same moment, you would have filled 600 shares and then your order would have killed.

A little tricky to follow, but try it a few times, you'll see how it works.

Rick
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