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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 (8813)	3/10/2001 5:41:19 PM
From: LPS5	Read Replies (2) \| Respond to of 12617

How are POSIT trades reported? They are printed to the tape. Currently, POSIT crosses occur at random times (one cross in each issue) within the following windows: 9:45 - :50, 10:15 - :20, 11:00 - :05, 12:00 - :05, 1:00 - :05, 2:00 - :05, 3:00 - :05, and 4:30 - :35 EST For buy or sell orders where there is no match, or for those where there is an untraded balance after the cross takes place, the remainder is kicked back to the sending trader or can be left in the system for the next cross. Could this be responsible for some of the apparent "glitches" that we see in intra-day charts? (Apparent away-from market trades?) Never. The mechanism is such that buy or sell orders must be entered into the system before the start of the five minute crossing window wherein, at some random time, the crosses occur. The price point where the crosses occur at a randomly selected point within that five minute window is at the midpoint of the spread for that issue at that instant. Since the average size of a cross is something on the order of 2,000 shares, pick an issue (a large cap listed or NASDAQ issue), and during one of the crossing windows (for the sake of example, 12:00 to 12:05pm EST), watch the T&S. If, at some point, you see a print that takes place at the midpoint of the spread for, say, 3,000 shares (or more, or less, of course: it varies)...it could very well be the POSIT cross in that issue. Not definitely, but quite possibly. Are these trades marked in some special way on time&sales? They are not specially marked, nor should they be marked any differently than agency/principally-based trades by dealers, trades on ECNs, or trades over the phone are. Are the results of the POSIT sessions available on the web somewhere? Beside the fact that the SEC requires quarterly data regarding share volume, etc., I believe that the company posts its' data quarterly or annually as well. It would seem to me that an important bit of transparancy is missing First: Reg ATS (1998) stipulates that ECNs, crossing networks, and other ATS' report their data to the SEC periodically, so that data is available. Not, to be honest, that such information is worth much to anyone but an ATS competitor. Second, that's not transparency - that's dissemination. LPS5