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Non-Tech : CYBERTRADER

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To: Jay Fisk who wrote (2190)	3/28/1999 12:57:00 AM
From: kaz	Read Replies (1) of 3216

Jay, I certainly don't want to put words in anybody's mouth and, frankly, I don't know what JD is talking about when he references a subscription only order. Locking the market is when you are buying more shares than are on the ISLD ask or selling more shares than are on the ISLD bid. So, if ISLD has 500 shares bid at 50 and you want to sell 1000, your first 500 will be sold at 50 and the rest cancelled because you would be asking the same price that buyers are bidding (assuming there are other bidders at 50). If you're selling, you can't show on Level II at the same price as the bidders (reverse this if you're buying). This is locking the market. If an ask shows on LII that's lower than the best bid, this is known as crossing the market. It happens rarely and I'm not sure how. I can surmise that when JD mentions "subscription only ISLD order" he means an order that will only go to ISLD and not show up on LII if there happen not to be enough shares to fill your order. I welcome an explanation of this since I suspect I'm wrong. Sorry to confuse things, Paul Kaz

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