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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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To: steve goldman who wrote (6706)3/12/1999 9:56:00 PM
From: Eric P  Read Replies (1) of 12617
 
An ECN is only as deeep or liquid as the traders on the other end. Market makers, on the other hand, must always stand ready to buy and sell. No market maker will offer autofills up to 2 and 5k at 2am.

I only wish this was true. Market makers may be good at providing autoexecution to certain firms as a part of their payment for order flow arrangement. However, in the open trading of the Nasdaq marketplace, the market makers are becoming virtually worthless in filling SelectNet or SOES orders.

This is precisely why individual traders must resort to almost exclusive ECN trading. More often than not, the market makers will not live up to their quotes. More and more frequently, they are quoting only 100 shares in a stock, then they will wait for 17 seconds or more before declining additional orders and backing away from their price. They are not breaking any rules, but the rules are heavily slanted in their favor and against the individual trader.

Good luck,
-Eric
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