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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Giordano Bruno who wrote (83988)	7/21/2007 3:16:29 PM
From: LTK007	Read Replies (2) \| Respond to of 110194

Thanks for the info, all the more evidence the "street" is getting ever more powerful and secretive. Alan Newman himself in a brilliant dissertation called "Metamorphosis " predicted much of what indeed has happened. To the best of my knowledge Alan Newman was the first person to in an in depth analysis present the case the marketplace is changing and changing fast. He warned, i think it was 4 years ago, to be on alert for the old tried and true methods of TA not neccessarily working in the future. i was blown away by it when i read it, and he changed much of my thinking, overtime it has proven a classic dissertation. The link used to be open, by now it is closed. i think i might e-mail Alan and ask that he make that essay of his available to anyone, once again.Max

To: Giordano Bruno who wrote (83988)	7/21/2007 5:43:35 PM
From: saveslivesbyday	Respond to of 110194

FAQ from LeveL site: (consipiracy theorists - unite!) levelats.com Q1: What is LeveL? A1: LeveL is a unique electronic alternative trading system (ATS) created by a joint venture of five industry leaders: Citi, Credit Suisse, Fidelity Brokerage Company, Lehman Brothers and Merrill Lynch. Q2: Who are the investors? A2: The investors are Citigroup, Credit Suisse, Fidelity Brokerage Company, Lehman Brothers and Merrill Lynch. Q3: What is the eBX LLC? A3: eBX LLC is an NASD member, and was established for the purpose of creating and operating an alternative trading system. Q4: What is unique about LeveL? A4: LeveL's innovative structure maximizes liquidity and provides best execution while minimizing information leakage and market impact. LeveL is a dark book trading platform that provides for multiple crossing opportunities. Q5: How was LeveL designed? A5: LeveL has a sophisticated order matching engine that was designed to facilitate the crossing of order flow as well as contra-party trading. Level provides the user with highly customizable options to maximize each firm’s own trading strategies. Q6: What does LeveL deliver? A6: LeveL delivers best execution, anonymity, liquidity and transaction cost savings. Q7: When was Level launched? A7: Level was launched on October 16, 2006. Q8: What products will LeveL trade? A8: LeveL is an ATS that electronically centralizes the matching of buy and sell orders for securities, according to a predefined logic. LeveL will trade all NMS equities (Listed and NASDAQ). Q9: How does LeveL work? A9: LeveL is a sophisticated order matching engine using highly customized technology. With LeveL, customers have the ability to match with their own order flow as well as contra-party trading. Q10: How do you trade on LeveL? A10: NASD member firms can submit a LeveL Participation Agreement for approval to trade in the LeveL marketplace. Customers use a unique order type called an “Intent” which acts as a firm’s indication of interest or resting order to interact with a firm’s own order flow, order flow from other firms or with other Intents within the system. Intents are not displayed. Customers will be able to route orders through the LeveL ATS on the way to the marketplace to seek out best execution opportunities available in LeveL. Orders act as limit and market IOC (immediate or cancel) orders, or can be routed to the marketplace, if no match is found in LeveL. Q11: What are the trading options with LeveL? A11: Level 1 provides the customer with a sophisticated order matching engine that enables firms the ability to match their own order flow and assign desk priority to various departments within the firm. Desk priority will determine the sequence of matching, giving the customer the highest level of customization in order to maximize their own needs. Level 2 provides the customer the ability to match with order flow of their trading peers. This is achieved by designating a customized hierarchy of specific trading partners to interact with or seek price improvement from the total pool of shared or open trading interest within LeveL. Q12: Are there market-making opportunities within LeveL? A12: LeveL provides market makers with a dark book environment and the ability to provide enhanced execution quality to designated customers. With the use of Intents, market makers can use trading strategies to improve their customers’ execution quality and capture order flow as it enters LeveL’s matching engine. Q13: How do I learn more about LeveL? A13: Check-out the website at www.LeveLATS.com or contact:

To: Giordano Bruno who wrote (83988)	7/21/2007 5:46:06 PM
From: saveslivesbyday	Respond to of 110194

BIDS trading overview bidstrading.com Block traders may use the BIDS ATS to anonymously discover counterparty interest for large block orders in a manner that maximizes their ability to control the characteristics of the transaction. The BIDS ATS offers an innovative trading model designed in consultation with senior buy and sell-side trading executives. The BIDS ATS allows clients to auto-execute trades or to negotiate trades. Traders can enter firm or conditional orders. Conditional orders allow traders to participate in the BIDS ATS while interacting with other market centers because a conditional order is not immediately actionable in the BIDS ATS. All orders are priced and have maximum and minimum volumes – the minimum volume prevents other participants from fishing for information by entering orders for small volumes. When the prices of two participant orders match (or cross), a trade will occur. When a firm order matches a conditional order, the BIDS ATS can “invite” the conditional side to change their order state to firm. The BIDS ATS also supports price/volume sensitivity parameters that allow orders that do not match – but are “close” – to interact through structured negotiations, thus revealing more liquidity. The core functions of the BIDS ATS are easily accessible by traders and algorithms. The key characteristics of the BIDS ATS are as follows: * Anonymity – Participants on the BIDS ATS are not aware of the identity of their counterparties and no confidential information about their orders is exposed unless there is a bona fide opportunity to trade. * Information Disclosure – BIDS Trading does not publish side, size, or price information. BIDS Trading only publishes state changes as a symbol moves through different activity levels: Inactive (no orders), Active (one or more orders), Crossed (two or more orders are crossed, but cannot trade as some or all of them are Conditional), or In Negotiation (two or more orders are close in price and are in negotiation). * Score Card/Behavioral Profiling – Participants on the BIDS ATS control their interaction with other participants via score cards, which are generated by BIDS Trading. These Score Cards are created based on each participant’s trading history on BIDS’ ATS. Traders will use the filtering capabilities of the BIDS ATS to identify counterparties with behavior profiles. * Invitation – The BIDS ATS allows orders to interact according to defined rules: a firm order can invite a conditional order to convert to a firm order. Traders can set a price discretion so the BIDS ATS will invite an order that does not cross (but is within the trader’s price discretion) to open a negotiation with them. Since these are situations in which information will be disclosed, the BIDS ATS will ensure that the disclosure is desirable to both parties – each trader’s Score Card is compared to the filter of the other trader before any information is revealed. * Direct Control – The BIDS ATS is designed to enable traders to control their orders. Orders can be submitted directly to the BIDS ATS from a buy-side Order Management System (OMS); placed through the BIDS ATS web interface, through an Execution Management System (EMS), or through a proprietary algorithmic engine. Regardless of the route selected by the participant, the trader maintains control of the transaction – with the assurance that order details always remain confidential.

To: Giordano Bruno who wrote (83988)	7/21/2007 5:48:42 PM
From: saveslivesbyday	Respond to of 110194

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