A post that touches on ARCA from the respected firm of Yamner and Steve Goldman.
To: scanshift (3986 )
From: steve goldman
Friday, Dec 18 1998 7:21AM ET
Reply # of 3995
Morning!
With a limit order to buy 3 points below the market, I would probably put the order on
ISLD. It cant trade through you. (well actually it can, on any ECN, market makers can
always start filling sell orders below the bid if the bid is inconsequential; they can also
lock it after 30 seconds of futile attemps to get a fill), but ISLD has several advantages.
1) its cheap, 2) its fast 3) they do a fair amount of volume.
Would I go to a report, to find out which ECN does the most AMZN volume? No. I
guarantee you that when AMZN hammers down those 3 points, and you see bids by
ISLD and INCA and REDI, most likely all three will get taken out.
For the seller, hitting your bid, they pay ECN fees if they are accessing the ECn system
directly or through SNET, so I dont think anyone wants to use the more expensive
ECNS.
My top choice for ECN routing is ISLD.
Scan, re: ARCA, I don't use them because I simply find ISLD, REDI, INCA more
accessible.
Regards,
Steve@yamner.com
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