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Non-Tech : CYBERTRADER

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To: William W. Dwyer, Jr. who wrote (1790)	1/30/1999 2:29:00 AM
From: wily	Read Replies (1) of 3216

Bill, That sounds like a very nice feature in CyberTrader to be able to choose which ECNS your order goes to through "smart keys". The big hangup I think using a routing system like that or ARCA in a fast market is getting stuck on MM's that have already filled at your price, so you are just waiting for the system to cancel your order. Any waiting at all is going to mess you up. So, you are better off just leaving MM's out of the picture if you are going to try it at all (seems to me). Now it occurs to me that the same thing could happen with ECN's, since smart keys and ARCA are taking your order through SNET and you are subject to the Nasdaq rules for cancelling (10 sec wait). ISLD starting to look like the only option (other than not chasing). Regarding ARCA displaying your unfilled portion at your limit on TNTO: I like this feature but really don't know how much advantage it provides over your order being live but not displayed. It might actually be the opposite in a reverse-psychology kind of way. I wonder why Cyber doesn't have their own ECN? Probably in the works... wily

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