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Strategies & Market Trends : The Final Frontier - Online Remote Trading

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To: Eric P who wrote (7274)	5/20/1999 2:03:00 PM
From: Eric P	Read Replies (1) of 12617

Real or Not Real? We all realize that the quotes of market makers at the inside bid or ask can be meaningless in a fast market. In short, the are not real. Simply put, you cannot count on them since they are entitled to maintain their quotes for up to 17 seconds and then pull their quotes without filling any additional orders. ECNs, on the other hand ARE real. You can count on them. If ISLD, or INCA, or REDI, etc. quotes an offer of 1000 shares at a price of 20 => Whoever gets to their order first will get executed. Subsequently, their quote will immediately go away, reflecting that the offer for 1000 shares at 20 has been filled and is no longer available. Something I have pondered recently is the market maker MWSE. This is the symbol for the MidWest Stock Exchange, so I assume that they are not a traditional market maker. Are their quotes real? Are they merely a limit order book from the MidWest Stock Exchange? Or are they subject to the 17 second foolishness of other market makers? Does anyone know? Thanks, -Eric

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