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

To: TFF who wrote (7722)	10/11/1999 1:29:00 PM
From: Ira Player	Read Replies (1) \| Respond to of 12617

You want to know what fragments markets? Turning off access to 3 of the largest ECN's, leaving them isolated. That fragments markets. What is the difference between a MM sitting at the inside market on the NASDAQ and an ECN sitting on the inside market? The MM's can and do back away from the trades. The ECN does not because all of the offers are real limit orders, in time sequence, by real investors. The MM offer can be as firm as an ECN's or simply smoke and mirrors to head fake the markets. Ira