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Non-Tech : MB TRADING
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To: William S. who wrote (3850)2/12/1999 9:14:00 AM
From: Wayners  Read Replies (1) of 7382
 
According to the Real Trade user's guide you can use a market order with SOES, ISLD and ARCA. You cannot use a market order with SNET.

The pros to using ISLD are speed, liquidity and volume increases your liklihood of getting crossed within the system, easier to buy at bid and sell at ask with limit orders. The cons to using ISLD are partial fills and thus possibility of multiple tickets and more ECN fees.

The pros to using SOES are you can force a MM to buy or sell at their price which may be advantageous if you think the MM are about to lift their asks or drop their bids. Would work well in a fast market. The cons are that a MM can sit on your order for 15 seconds, the stock you are dealing with must be SOES-able and you can only hit them for up to 1,000 shares once every 5 minutes. The order stays out for 90 seconds. You cannot do an all or none. The order can be a market or a limit order or best bid or offer.

The pros to using SNET is you can trade with a MM when say ISLD or ARCA ECNs are not at the inside bid or ask which may give you a better price. Another pro is you can try to trade as many shares as you want unlike SOES. The cons to using SNET is speed and the fact that a MM does not have to trade with you or honor their posted quote especially if they are about to lift. The MM can sit on the order for 30 seconds and prices can change a lot in 30 seconds. You can use all or none, limit, best bid or offer and market orders. You can single out a specific MM with a preference or broadcast to everybody with say a limit or best bid or offer order. The order stays out for 180 seconds. You also have to wait 10 seconds before you can cancel your order.

ARCA is kind of a cross between SNET and ISLD. The pros are its cheap ECN fees and you can do a lot of shares on a single ticket. If there is no cross on ARCA it then goes SNET to MMs at the best bid or offer. The cons are speed as an order can sit at each MM it tries for 30 seconds. Prices of course are free to move. MM are not obligated to trade with you even at their quotes prices.You cannot use all or none on ARCA. Like SNET you cannot cancel your order for 10 seconds.
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