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Non-Tech : The Island ECN -- Ignore unavailable to you. Want to Upgrade?

To: The Vet who wrote (59)	12/23/1997 1:48:00 AM
From: Dan Duchardt	Respond to of 202

<<as soon as the MM realises that you are bidding above him through Island, he just sits there and matches your price until either you get a fill from another Island customer wanting to sell or alternatively you get fed up and raise your bid to his ask>> This seems to be saying that as long as the MM matches my price, I have no priority by being in first with my bid, except maybe within the Island system itself. He can get all the orders he wants filled at my price while mine just sits there. So I gain little or no advantage by making my offer, and I just create a nuissance for the MM until he buys me out or I go away. I'm really trying not to assume anything about how the system works, or what the MMs do. I'm just trying to get a clear understanding of what goes on after I push the button to enter an order. I believe my non-marketable limit orders all go to Island, so I want to know what is supposed to become of them when they get there. If there is a good place for me to find all these details, I'd appreciate directions. Thanks for the reply.