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Strategies & Market Trends : Trade What You See, Not What You Think -- Ignore unavailable to you. Want to Upgrade?

To: Threei who wrote (858)	3/1/2002 3:12:24 AM
From: Apakhabar	Read Replies (1) \| Respond to of 867

Yesterday and today, in my (platform's) market maker box virtually every stock, at virtually all times, showed five hundred shares of MSDW at the inside bid and ask. Morgan Stanley apparently wants to take the inside of every trade that any trader at Momentum and/or Tradescape makes. This is a lot of volume, around 5% of the Nasdaq. MSDW is now wired to our software so that if we SNET MSDW at the inside price they will automatically fill us (or if we hit a SOES-ECN hot key it automatically executes with MSDW). This seems like an unusually bold attempt to procure order flow. It's confusing to me right now because I realize that only my level 2 shows the "presence" of MSDW. I can't really tell how much they are filling to other participants. For example, a stock I watched today had 100 sh BRUT and this 500 sh of MSDW on the inside offer, and many thousands of shares were sold. Now everybody watching the stock that doesn't see MSDW believes that BRUT is filling all those orders. And maybe they are, I don't know. I admit I don't yet understand the psychology of it. And as a result, I have largely sat out the last two days...