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

To: Dan Duchardt who wrote (7484)	3/16/2000 10:39:00 PM
From: LPS5	Read Replies (1) \| Respond to of 18137

Hey Dan, "I hope you are not saying an MM who receives my limit order can throw it in a pile of "I'll get to that when I feel like it", or choose to reject any such order after an extended delay." Not at all. If I accept a limit order, I have 30 seconds* to execute it, send it to an ECN/ATS under the 17a-23 Alternative, or update my quote/add it to my quote (as we have discussed). In your other example, you're right. The market maker does not have to - and likely wouldn't - reflect an inferior quote to that which he's showing. I had hoped to make that clear by specifying that only limit orders which improve the MM's quote (or, those at the same price which are more than 10% of his displayed size) need be displayed. LPS5 *Remember this is thirty seconds to decide, upon acceptance, what to do with a limit order. Tossing it aside at that point is not an option. Once accepted, if a customer's order, it has to be given Manning protection. Don't confuse this with the one minute rule I mentioned in my last message, related to trading ahead in a proprietary or inventory account -

To: Dan Duchardt who wrote (7484)	5/8/2000 3:00:00 PM
From: SnowShredder	Read Replies (1) \| Respond to of 18137

On Friday I got a partial fill on a market order to sell 1K shares of CEGE...the MM got the order 2 min before the close and filled me on 100 shares @ 21 1/2, & then 100 shares @ 21 5/8...the rest of the market sell order expired unfilled...even though 2600 shares traded during the last minute. My broker called the MM to see if they could get me a fill, but the MM stated that the Manning Rule allows them to fill the 200 shares and leave the rest for later...thus the market closed without filling the remaining 800 shares. Is this possible with a market order? Also does anyone have the definition of the Manning rule? Thanks...Best of Luck, Where'd He Go?