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

To: Dan Clark who wrote (8001)	4/25/2000 9:06:00 PM
From: Chris Steele	Respond to of 18137

Dan, As a cyber user, i asked them what they would be changing....we had a short discussion about it on the cyber board: Subject 32382 I read the rules about the same as Eric...and I get the impression that the NASDAQ is really trying to stop the "fragmentation" that is happening...ie: trading wayoutside the current offer/bid on ECN's, trading past orders, some people obtaining fills, etc, etc. IF and only if the system is fast, executes orders as advertised, and the MMers don't cry too hard, it might actually be a better system for all involved. they way i see it....the traders get faster fills at the current size on the inside quote, and in exchange, they are giving back the MMers the S-Net system. No longer will the MMers be obligated to fill S-Net orders or move...as they are now. It could be a fair trade-off. We'll see. Fingers crossed, Cas

To: Dan Clark who wrote (8001)	4/25/2000 9:07:00 PM
From: Eric P	Read Replies (2) \| Respond to of 18137

This is an EXCELLENT explanation for us simple, god-fearin' daytraders. <g> Thanks, but please check out the links and read and hear about the system in all it's glory. I've just tried to give a brief summary. The details look good to me, though. It also brings up an interesting question about the future role of direct-entry firms like CyberCorp and MBTrading. If we can simply "SuperSOES" an order and get good fills, will we need complex order routing options like those offered by these firms? Any thoughts? After the implementation of the SuperSOES system, the only value I see in sophisticated order routing systems will be to quickly recognize how many shares to SOES and how many that need to be SNET'ed to non-participating ECN's. Hopefully, all of the ECN's will agree to participate, thus eliminating the need for any fancy order routing. Note that brokerages that also run ECN's such as ARCA and REDI will still have a vested interest in sophisticated order routing system to ensure that the order are routed to their ECN's first among the others at the same price level. This should not adversely affect the trader, however. In summary, it seems as if this new proposal should simplify the trading process. More time spent analyzing when to buy and sell, and less time spent awkwardly trying to figure out who and how to send your order to the marketplace during a quick market move. Cheers, -Eric -Eric

To: Dan Clark who wrote (8001)	4/26/2000 6:28:00 PM
From: Brandon	Respond to of 18137

Dan, I think people will say with the firms such as MBTrading, CyberCorp, Executioner ect for a few reasons...not the least of which would be convenience.There are few brokers who provide a "complete package" such as these firms do..(charts, account info, executions ect all in one) There may also be situations that you would like to access the ECN directly (if they even sign up with superSOES which is not at all a given). For example I have recently been trading with Fib. ratios and would probably continue to use ISLD to bid or offer shares when it pulls into the area I want to buy or rallies up to the area in which I would like to sell or go short. Brandon