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

To: Jon Tara who wrote (8666)	1/22/2001 10:09:13 PM
From: LPS5	Read Replies (2) \| Respond to of 12617

Jon- In some European & Asian stock markets - many of which are fully electronic - regulators have begun to not only demand compliance with conduct & operational standards, but to additionally require that exchanges and alternative trading systems meet minimum technical requirements. The focus is, of course, that to the extent that markets are fragmented, brokerage firms which are only connected to a particular market maker aren't subject to outdated, slow technology that isn't ready for volume surges. LPS5

To: Jon Tara who wrote (8666)	1/23/2001 11:21:09 PM
From: Dan Duchardt	Read Replies (1) \| Respond to of 12617

Jon, Just a curiosity about the data transmitted. My guess is that data is generally transmitted only when it is refreshed, so only if a MM/ECN changes price or size is a piece of data sent out. That would mean if packets are lost forever, you could have to wait a long time for a new refresh to get back in synch. Is that about it, or is there actually a periodic resending of all the data? Or is all of the level2 montage transmitted every time there is a change in a quote? Dan