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Non-Tech : MB TRADING
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To: kaz who wrote (2700)12/15/1998 2:26:00 PM
From: JerryPutnam  Read Replies (1) of 7382
 
Where TNTO has direct connections to other ECN's it is faster than SNet. For example, TNTO routes directly to ISLD avoiding SNet delays.

Also consider this example:

Bid's
MMID PRICE VOL
ISLD 22 500
INCA 22 500
REDI 22 500
MASH 22 300

If you were a seller of more than 500 shares you would have to put in more than one order on SNet (preference only since ECN's don't respond to broadcast). TNTO will hit all the bids at 22, simultaneously. If you were trying to sell 1800 or more shares,
you need to enter 1 order instead of 4.

Also, TNTO can get at reserve orders placed in ECN's that accept them, like REDI, INCA or BTRD. A reserve order is a type of order placed by institutional traders who want only part of their order exposed.

For example,

A customer places a bid in REDI for 100,000 shares but wants only 500 shown at a time. TNTO can get at the reserve amount, ISLD can not.
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