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

To: dli who wrote (12286)	3/10/2001 9:54:36 PM
From: LPS5	Respond to of 18137

all their program trading is conducted on an agency basis. This is also called "list trading." It contemplates the practice of program trading at an institutional customer's direction. It also signifies portfolio transition strategies, which occur when a mutual fund, pension fund, hedge fund, etc. is shut down or when a manager of one of the aforementioned entities is fired/replaced, with a new manager coming in and restructuring the portfolio. LPS5

To: dli who wrote (12286)	3/11/2001 8:30:13 AM
From: TFF	Read Replies (1) \| Respond to of 18137

22. Proprietary Trading: Customer authorizes IB to engage in proprietary trading, and to execute the proprietary trades of its affiliates, even though IB may simultaneously hold unexecuted Customer orders for the same products which could be executed at the same price. In this regard, Customer represents that Customer has read and understood ADDENDUM 5, "Customer Information Policies and Procedures." interactivebrokers.com "How do you trade against direct access order flow? " You don't trade against the actual orders. You use the order flow and account profiles to determine directional biases of the retail crowd and develop strategies accordingly. Of course this is all pure speculation on my part. wtfdik?:)