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Strategies & Market Trends : From the Trading Desk -- Ignore unavailable to you. Want to Upgrade?

To: Richard James who wrote (4578)	6/16/1999 1:43:00 PM
From: LPS5	Read Replies (3) \| Respond to of 4969

The prints you saw could have been traded anywhere - prints reflecting Consolidated Quotation Service (CQS) reports reflect activity from any number of secondary, third, and fourth market origins (institutions, ECN's, etc), AND only need be reported to the tape within 90 seconds of execution. So, some of those prints could have taken place up to a minute and a half before you saw them hit the tape. You can join a bid with virtually as big a piece as you want, but there is never a guarantee that all - or any portion - of your bid or offer will be executed against (unless using SOES - and that's within certain tier limits, and depends who's at the inside, etc. etc. SOES is less and less used among traders these days, from what I see). LPS5 Steve, anything to add? I typed this quick and may've left out something or not explained this fully.