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Strategies & Market Trends : From the Trading Desk -- Ignore unavailable to you. Want to Upgrade?

To: Brendan W who wrote (2194)	1/3/1998 2:02:00 PM
From: Brendan W	Read Replies (2) \| Respond to of 4969

I recently wanted to cross 100 shares of a very inactive NYSE stock from my IRA account to my margin account. The stock was bid 105 ask 107 last 106. I placed a limit order in each account fairly simultaneously at 106 through Superdot (with no other restrictions). The specialist filled the sell at 106 I think out of his own inventory, and then adjusted the price to bid 106 ask 107, without filling the buy. Is the specialist required to fill the buy?

To: Brendan W who wrote (2194)	1/5/1998 2:46:00 PM
From: steve goldman	Read Replies (1) \| Respond to of 4969

The NYSE and AMEX do not price in 64s. Also for a 64th, or a couple of bucks per trade, you couldmiss the whole upside or get stuck in a sinking ship. Preference - refers to selecnet orders directed to specific market makers rather than broadcasted to everyone. For instance, if the market on a stock is 10 1/2 to 11, 3 bidder, 4 offers, I could use selectnet to broadcast at 10 3/4 to buy stock or if the customer wanted to buy stock at 11, I could use soes tobuy it at 11 or selectnet prefernce one of the 4 offerings at 11. Upsides/downsides: Soes costs the firm pennies...selectnet, a few bucks a shares. Soes might scare the firm and sinceyou can't use Soes to do a large ticket, to break up a large piece, if you use soes, you are done for a while. Infact, you can't use soes at all for a ticket greater than the soes tier limit. Selectnet...not automatic, must be accepted and locked in by the other firm, uness its an ECN which locks it in immediately. As well, for anyone interested, the chat site is up and running. While we make sure noone has any problems getting in, etc. we are only hosting 1 session per day from noon to 1pm. We will expand the site to atleast twice per day. Feel free to stop in. Join at yamner.com. Also email any ideas or suggestions yo might have for scheduling times or subject matter. steve@yamner.com Best wishes. steve@yamner.com