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

To: Mark Davis who wrote (8941)	6/15/2000 11:57:00 PM
From: Dan Duchardt	Respond to of 18137

Mark, Jon, Dan, Apakhabar, The INSTINET quotes I get are via the Interactive Brokers retail trading system, which has a direct interface with several ECNs. Orders go direct to all the ECNs IB uses. Perhaps there is a benefit from an existing institutional relationship between IB's parent company and INSTINET. I really don't know. All is see is the inside quotes, like everyone sees on level2, except that prices are quoted in 1/64 increments rather than the rounded off 1/16 increments coming via level2. I have no individual subscription to INSTINET, and don't know of anyone who does. I doubt that option exists. About the INCA orders just under/over the inside. One reason might be , they get a sure fill without having to lift/drop the current price. I don't see how this is a sure fill, unless they are alone at the inside on level2, since for level2 users there is no way to see the price improvement available. It will ensure that nobody can step in front of them on INCA, and if there are enough systems that show the actual quotes it should certainly attract orders like mine. It does allow a quote to be posted that nearly locks the market without violating the locking rule, even if it is only seen by a subset of the trading universe. Dan