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

To: Teresa Lo who wrote (873)	6/16/1999 11:16:00 PM
From: -	Read Replies (3) \| Respond to of 18137

<mom from school...> I still think you should get the Bubushka wave award! BTW, FG what goes on at your site in the stock-trading room? I haven't visited there yet...

To: Teresa Lo who wrote (873)	6/17/1999 12:07:00 AM
From: Sam Sara	Read Replies (1) \| Respond to of 18137

Fills at open using Island ECN. I am not a daytrader (burned too often, too hard for guys like me with modem access only and no level II that have a regular job as well)but this thread obviously has the expertise to address a question of mine. I am trying to figure out details of how orders are filled at open through Island ECN. I assume that for market orders, it is "first come, first served", that is, an order placed at 9:02 is filled before an order placed at 9:04. Is an ECN required to match orders in such a way that spread between bid and ask is minimized? At open, you will have a large number of orders in the "book"; say you are a buyer who has put in a market order (for simplicity forget about limit orders for now)- does electronic matching system get you best possible price? For high volume, liquid stocks, fills on market orders tend to be very near opening price, as long as a market order is used. Interestingly, when I place a limit order (through Datek) that is marketable, I have had very slow fills on occasion during first 1/2 hr of trading- any explanation of this phenomenon? Is it simply that placing a limit order places you at end of line when it comes to trades, behind the group of orders that have been labeled "market orders"? Any comments are welcome.