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To: GS_Wall Street who wrote (3399)	8/11/1999 11:56:00 AM
From: Joseph Silent	Read Replies (1) \| Respond to of 10027

Greg, Just guessing its some trader or Market maker short covering. Perhaps Hogan's strong positive comment is the start of the good news we've been waiting for. The next part will have to do with the Aug 24 meeting. Hope its in our favour. :) Joseph

To: GS_Wall Street who wrote (3399)	8/11/1999 11:56:00 AM
From: Sir Francis Drake	Read Replies (4) \| Respond to of 10027

Greg, I've seen 10K orders on ISLD before, but this is indeed a fairly new phenomenon. I have noticed over the past few months that ISLD does seem to be used more and more by MMs. MMs used to ignore ISLD, and it was primarily a retail trader's ECN. F.ex. a lot of the volume on ISLD comes directly from Datek - and since Datek has a 5K maximum on any one order, you know it is not a Datek order. Traders from DOE brokers have of course used ISLD for a long time, but I rarely saw such traders put in an order of 10K on ISLD - from a trader's point of view it doesn't make sense, unless he's trying to influence the market. The 10K size type orders are more like institutional INCA type order. Bottom line, ISLD is changing. I have given a lot of thought to the issue of ECNs and MMs and how all this is going to shake out - for a variety of reasons - I'm a trader for one, so I make my living by paying attention to the mechanics of trading, and I'm also a NITE investor so I'm vitally interested in the issues. Perhaps one day I'll write a few of my patented long-winded posts on ECNs and how I think they'll impact NITE - should put everyone to sleep<g>. Morgan