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

To: Wayners who wrote (10390)	10/8/2000 1:42:20 PM
From: dli	Respond to of 18137

Wayne, AFAIK ISLD has been modified so that orders that would lock or cross the market are no longer rejected if they cannot be filled immediately. ISLD will keep it on its book at the limit price you specified and will display it on LII 1/16 above/below the inside bid/ask, respectively. If executed the counterparty will receive the price improvement. INCA seems to have a special way of dealing with orders that would lock or cross the market. On its internal book it will quote them as being 1/64 above/below the inside bid/ask. If executed the print will be at the inside bid/ask, respectively. If the inside market moves INCA will move in tandem within the price limit of the order. This behavior can have implications on the interpretation of T&S. E.g. T&S can give you the impression that tons of trades are going off at the bid while it is really buyers hitting INCA on the ask. I've never seen any documentation on INCA's order logic, but from my observation and experience that's how it works. Dave