Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Matthew L. Jones who wrote (5217)	11/5/1999 8:53:00 PM
From: brec	Respond to of 18137

No, SuperDOT is not an ECN; it is "An electronic order-routing system through which NYSE member firms transmit market and limit orders directly to the trading post where the security is traded. After the order has been completed in the auction market, a report of execution is returned directly to the member-firm office over the same electronic circuit that brought the order to the Trading Floor. SuperDot can currently process about 25 billion shares per day." (Emphasis added; from nyse.com

To: Matthew L. Jones who wrote (5217)	11/5/1999 10:11:00 PM
From: Eric P	Read Replies (3) \| Respond to of 18137

Matt: Although ECN is an Electronic Communications Network, and SuperDOT does electronically communicate orders to the floor of the NYSE, it is not an ECN. The difference lies in how the orders are executed. There are nine ECN's currently, including ISLD, ARCA, INCA, REDI, BRUT, BTRD, ATTN, STRK and NTRD. For each of these ECN's, the order matching is handled entirely electronically and virtually instantly, without human intervention. The NYSE SuperDOT system, on the contrary, merely routes the orders electronically to the floor of the exchange where it can be filled manually by the specialist (i.e. a slow human). For an ECN, typical marketable order fill times will range from less than 0.5 seconds (ISLD direct, fastest) to as slow as ~6 seconds (INCA via SNET, slowest). Since marketable SuperDOT orders are filled manually, it takes much longer to get an execution, typically between 15-60 seconds, and sometimes as long as a few minutes. Good luck, -Eric