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Non-Tech : Interactive Brokers / Timberhill -- Ignore unavailable to you. Want to Upgrade?

To: Dan Duchardt who wrote (1044)	1/21/2001 1:26:00 PM
From: RockyBalboa	Read Replies (2) \| Respond to of 9012

Also, I have noticed that on some of the less liquid ECNs like BRUT and BTRADE there are often bids a full point below what would be a "best bid" and offers a full point above what would be a best offer. I don't know if it is by design, or just coincidence, It's easy to get lax about checking the whole number part of the price instead of just the fraction. It appears to be a method of some people, and I notice a number of bad trades (on isld, as well as other ECNS). A time back (on 05/22 during market hours ) a couple of IMCL shares was hit on a 7 bid (after eating the 77 bids) which is by far the worst example which I remember...the 2 to 3 point drops are often to see in less liquid stocks which are on sale having few ECN bids and MM going out of the way.

To: Dan Duchardt who wrote (1044)	1/22/2001 10:47:51 PM
From: dunlurkin	Respond to of 9012

On the spreadsheet that I log trades on, there is a permanently visible line in a very large font, in red, that reads "LOOK AT THE HANDLE!!!" This is a result of having taken an island offer on a NYSE stock that I thought I was stealing, but was actually paying a dollar more than I thought I was for it. It was one of those occasions where the Nyse market was maybe 51 1/8 @ 51 1/2 and thought I saw 51 1/4 offered on island but it was actually 52 1/4. Ouch. I also try to use Best execution for those occasions now, not the island line.