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Technology Stocks : HIGH SPEED ACCESS {HSAC} -- Ignore unavailable to you. Want to Upgrade?

To: Stephen who wrote (189)	6/16/1999 1:04:00 PM
From: Don S.Boller	Read Replies (1) \| Respond to of 963

"Can there be partial fills?"....Yes, of course there can. The specialist (listed stocks) may have (for example) many individual buy orders at a given price - 1500 for Merril @ 22 5/8, 3700 for Smith Barney @ 22 5/8, 8100 for Morgan @ 22 5/8 (assuming last trade slightly above 22 5/8) bid side of market now 13,300 @ 22 5/8....asked is whatever the sell orders make it...remember, overall - prices TEND to move to the biggest position on the "book"...o-t-c is different a bit due to lack of central post (many market makers)...don't forget that block trades are negotiated in both places). In the above example...a seller comes to the specialist with a "market" order to sell 15,000 shares...a fill would be reported on 13,300 @ 22 5/8 and the remainder at bids below. Hope this helps. Don