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Strategies & Market Trends : DAYTRADING Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: Pierre Borczuk who wrote (149)	6/6/1999 8:13:00 PM
From: snerd	Read Replies (2) \| Respond to of 18137

Pierre... from the help section in RTIII with MB: Post (No Pref) on ARCA: Click here to send your order to Archipelago only (note: you must be sending your orders to Archipelago for this feature to work). If you do not check this box and your order cannot be filled on Archipelago, it will be sent on to NASDAQ/SelectNet in search of a fill. If you check this box, your orders will not be sent on, even if they cannot be filled on Archipelago directly. I'm still learning the direct-entry system too. <g> Snerd

To: Pierre Borczuk who wrote (149)	6/6/1999 8:17:00 PM
From: -	Respond to of 18137

I believe that "post no preference" feature restricts ARCA to using Selectnet Broadcast orders. The essence of Archipeligo is that it's a selectnet preferencing engine, of course. It goes out and figures out which MM's have been to the bid/offer most frequently, etc. and preferences them for you faster than you could do it. It has a lot of other tricks up it's sleeve too which I am still learning about(see ARCA tutorials; discussion invited!). The option you mention sounds pretty useless considering how Selectnet trades nowadays - you need to let ARCA auto-preference them in sequence, so they will HAVE to fill you, if they're setting there, at least for part of your shares. There may be special conditions where you'd want to use that option, but I'm not sure what they'd be off the top of my head.