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Strategies & Market Trends : Cents and Sensibility - Kimberly and Friends' Consortium
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To: RockyBalboa who wrote (506)3/28/1999 8:26:00 PM
From: Kimberly Lee  Read Replies (1) of 108040
 
Christian, it's very obvious that neither the author nor most of the subjects she interviewed have any healthy understandings of ECNs, SelectNet and many, many proprietary systems out there. Anyone claims that ECNs reduce liquidity as she seems to imply needs to have their heads examined.

Practically no trading platforms I know limit order routing avenue to ECNs. Most offer SelectNet broadcast and preference, which theoretically allow the trader to direct his/her order to one mm or all the participating mms. I have also witnessed, during a shakeout or a stop run orchestrated by mms, generally you have a much better chance of getting out at a good price thru one of the fast ECNs, ISLD, REDI, Brass in particular. I heard they are improving the speed in both Strike and ATTN as well.

If she thinks that during market downturn, a shakeout, a fake or a stop run, mms would be lining up on the bid side to provide liquidity to the stock, she better starts watching the level 2 and 3 screen, then she would realize that the mms drop their bids so quick that she hardly would have a chance to blink an eye.

Just got off the phone with a friend at GSCO. He told that he was laughing so hard at the naviete of the reporter that he almost choked halfway through reading that article. The superficiality of her research and her total lack of understanding of the reality of trading on Nasdaq is truly astounding.
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