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

To: TraderAlan who wrote (12316)	3/12/2001 12:13:02 PM
From: KymarFye	Respond to of 18137

Decimalization Diary Day One: Broker's software breaks down on decimalized stocks: Interprets four-digit decimals as whole numbers - misinterprets buying power... i.e., 1000 shares of RMBS at 3781 would be a purchase of $3,781,000 worth of RMBS... ISLD book orders stack up with all fractional bids/asks appearing at top of L II display - RMBS at 100 1/2 (and so on) above RMBS at 3781 Broker software guy says critical problems solved by tomorrow, but order entry requires manual insertion of decimal point (previously merely highlighted desired bid or ask)... basically, le pooch, she is escrewed on these stocks until the new product is out... L II from principle data vendor, meanwhile, misinterprets asks (but not bids!) in similar manner - Spread on RMBS between 37.20 and 3,750.00 comes out to 3,712.80. Betcha yud love to scalp THAT.