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Non-Tech : MB TRADING
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To: tom pope who wrote (3604)1/31/1999 3:24:00 PM
From: kaz  Read Replies (1) of 7382
 
Tom,

Sounds like someone desperate (but not panicking) to get out. If you bid 1/32 higher, ISLD will display it down to the 1/16th. So, when somebody hits you, they get it for your actual bid, but everyone sees the displayed price disappear. If you are watching T&S you can surmise that the ISLD bidder wanted to be the first one out by upping the bid without showing a higher one (in effect splitting the spread without making their position look weaker or locking the market). I have wondered if any MM can see the slightly higher bid. I don't have access to the ISLD book, but one would think that actual prices would be displayed there.

Paul Kaz
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