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Non-Tech : MB TRADING
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To: Shoot1st who wrote (2759)12/16/1998 7:48:00 PM
From: JerryPutnam  Read Replies (1) of 7382
 
No, it doesn't just sit there. This is my post from yesterday.

There are two answers. First, a SelectNet order can't be canceled for 10 seconds; this is a Nasdaq rule. Second, if you don't cancel the order first we leave it out for 30 seconds. The order handling rules adopted in early 1997 say a market maker must trade, post or give a customer order to a qualified ECN within 30 seconds of receiving it. That combined with the requirement of trying to avoid locking or crossing the market prior to doing so, is the reason for the 30 seconds. This does not stop you from canceling after 10 seconds.

After 30 seconds we will try someone else or post your quote, even if it means locking the market.
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