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To: TLWatson59 who wrote (1037)7/21/1999 6:52:00 PM
From: Jody Ritchie  Respond to of 1157
 
OT: Very interesting read. I did not know there was a different trading method between the Exchanges.

A cheap lesson that just became more valuable.

Thanks TL!

Jody



To: TLWatson59 who wrote (1037)7/21/1999 10:24:00 PM
From: Michael T Currie  Read Replies (2) | Respond to of 1157
 
> Now that I have confused your further, what is that you don't understand about how you cannot place an order in between a Bid and Ask price OTC and hope to get an execution unless some other broker/MM comes in to fill the void.

TLWatson,

I think you missed the basic point. Jody placed her limit order to sell 1/16 below the posted bid, hence the confusion. She (?) was not trying to split the spread. Great explanation of the differences between participatory and auction markets, though. Jody, I forgot to ask: were you looking at real time or delayed quotes when you placed your order?

Mike