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Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: John Pitera who wrote (7606)	3/1/2007 10:49:00 AM
From: Louis V. Lambrecht	Read Replies (1) \| Respond to of 33421

Most all-electronic exchanges favour "liquidity" in a way or the other. Most liquid order being at market, other orders appear and are filled in a certain precedence, all queued in their order of precedence. Major change though is the "iceberg" order. A trader enters both a total interest and a tranche he wants to appear on the screen. Only when a tranche has been filled will the next tranche appear. Large quantities of small orders usually were traded by wholesalers, largely responsible for the first 40 minutes of the sessions, as they had knowledge of a pretty volume. Fee by quotation will incite small brokers to enter the orders on the terminal instead of grouping them. And enter them "when received". Just a few of the most appearent changes in trading habits. <g>