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Non-Tech : MB TRADING
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To: JerryPutnam who wrote (2890)12/20/1998 11:49:00 AM
From: Sword  Read Replies (1) of 7382
 
Jerry: Excellent post. Very instructive. Thanks for the time you spent putting it together.

I believe that no human could have canceled and resubmitted the orders in as speedy a way as ARCA. You point out the real limitation is the fact that we are all under the NASDAQ rules which give MM's too much time to respond and thus the opportunity to screw us. This isn't the fault of ARCA, it is the fault of NASDAQ which is clinging to an antiquated system of rules.

The only improvement I would like you to consider is automating the cancellation process so that it is not fixed in time but responds to bids on an ECN showing up above the offer price prior to the 30 seconds by immediately cancelling and resubmitting at that price.

Regards,

-Sword
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