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Strategies & Market Trends : The Final Frontier - Online Remote Trading -- Ignore unavailable to you. Want to Upgrade?

To: Morpher who wrote (7571)	8/9/1999 7:14:00 PM
From: Arcane Lore	Read Replies (2) \| Respond to of 12617

The NASAA news release: State securities regulators highlight problems with day trading: nasaa.org The report of the NASAA day trading project group: nasaa.org An Analysis of Public Day Trading at a Retail Day Trading Firm by NASAA consultant Ronald L. Johnson: nasaa.org

To: Morpher who wrote (7571)	8/26/1999 7:31:00 PM
From: TFF	Read Replies (3) \| Respond to of 12617

Electronic Trading Networks Discuss Linking After Hours New York, Aug. 26 (Bloomberg) -- Electronic stock-trading networks are talking about linking their systems so investors have access to the best prices even when they trade after regular market hours. The electronic network being formed by Charles Schwab Corp., Fidelity Investments and Spear, Leeds & Kellogg has asked others if they'd be willing to jointly post all after-hours price quotes, according to two people who received the calls. The idea is to duplicate after-hours what happens during regular Nasdaq Stock Market trading, when all participants, regardless of how they access the market, can see the best price for any stock. ''If you have eight or 10 (networks) out there that aren't linked, it doesn't make sense,'' said Arthur Pacheco, president of one network, Strike Technologies. ''This will help create a consolidated best bid and offer. Otherwise you'd only know what was happening on the (network) you're using since Nasdaq is closed.'' The topic took on greater urgency with the debut yesterday of a system backed by Morgan Stanley Dean Witter & Co.'s online Discover Brokerage and Mellon Bank Corp.'s Dreyfus Brokerage Services. Next month, E*Trade Group Inc. plans to offer after- hours stock trading through Reuters Group Plc's Instinet Corp. Instinet, which operates the largest electronic trading network, didn't return several calls seeking comment. Island ECN Inc., the No. 2 network owned by Datek Online Holdings Corp., hasn't been asked, though it favors linking networks after hours, said Matt Andresen, Island's president. It now posts all its customers' bids and offers on its public Web site. 'Incredible Clout' Andresen said he expects Instinet will eventually agree to participate in a linked network because Schwab is ''a market player of incredible clout.'' Schwab's customers make about one quarter of all Internet stock trades, while Fidelity's make another 12 percent, according to U.S. Bancorp Piper Jaffray. Bloomberg Tradebook L.L.C., a network owned by the parent of Bloomberg News, will participate in any plan to link after hours, said Kevin Foley, manager of electronic trading. ''We think this is phenomenal,'' Foley said. ''We provide our clients with access to the national market system's liquidity during primary market hours and will give access to liquidity, wherever it may be found, after primary market hours.'' Spokesmen for Schwab and Spear Leeds didn't return calls for comment. Fidelity declined immediate comment. bloomberg.com