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Non-Tech : MB TRADING
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To: Mark Z who wrote (4703)5/26/1999 12:16:00 AM
From: Tai Jin  Read Replies (2) of 7382
 
That said, I believe ARCA takes 32nds because I've been filled at 32nds when placing an order at 16ths. I doubt its harder to get a fill at a 32nd than at any other price. If there's a counter-party willing to sell what you're going to buy (or vice versa), the order will fill. You might end up with a 1/32nd price improvement as orders at 16ths are more common.

I would think that ARCA allows you to enter 32nds (it would have to for stocks less than $10 - for higher priced stocks I don't know), but getting a fill at a 32nd has nothing to do with it (in fact, it's possible to get fills at 64ths since I've seen those on the ISLD book). It just means that you took out someone else's advertised order at that price.

I also agree that ARCA is too slow to use for most situations. I almost exclusively use ISLD.

...tai
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