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

To: Wayners who wrote (8072)	3/23/2000 11:11:00 AM
From: LPS5	Respond to of 12617

It's become even more automated in the last two or so years - I was just yesterday on a market making floor for a few hours looking at their systems, and they have wizardry that lets you know - between the market making, proprietary, arbitrage, sales trading, and other departments, exactly how long or short the firm is at any given time. In addition, the systems can (based upon proprietarily developed risk management and capital allocation 'recipies') either prohibit the additional buying or selling of certain positions (with the exception of customer orders, which have to be handled in accordance with best execution and order handling regulations regardless of the firm's position) or can hedge their positions long, short, or with options. Not to imply that this is all automated - there is substantial human intervention and decision-making based upon the system's data. You're right about reporting trades late: it's no big deal as long as you append an .SLD to the ticket electronically and manually, though if you do it a lot you're sure to hear from Market Ops or even Market Surveillance. It's when you don't do it that you get tagged for sure. LPS5