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Non-Tech : MB TRADING
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To: Kimberly Lee who wrote (3047)1/4/1999 9:37:00 PM
From: Dan Duchardt  Read Replies (1) of 7382
 
I've not been actively trading for a while, but if memory serves me well this answer is not quite accurate. I believe ECNs like ISLAND always represent their internal inside market to level II, regardless of what the MMs are quoting.

If in your example you are offering on ISLD at 117 5/16, and that is the best offer in the Island Book, it will be displayed on the offer side of level II below BEST and any other MMs/ECNs offering 117 1/4 along with any other MMs/ECNs offering 117 5/16
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