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

To: Brendan W who wrote (2205)	1/5/1998 5:01:00 PM
From: steve goldman	Read Replies (2) \| Respond to of 4969

Actually Brandan, we have thought about hosting a message thread. I felt that it wouldbe more novel to do via. a live chat session. As for removing low-value posts, personally, on this and the Trading Desk thread, I don't think there are that many. Each post seems to get at some little point and some while they might be valueless to you and I might be valuable to others. This is a good forum as a result of its open style of dialogue. Its' easy enough to hit the next button. As for the routing to market makers...some firms have electronic systems that automatically receive your order electronically via. the internet and then reroute them to protected systems once an internal machine system verifies share and money balances, etc. Most firms do, though, have pretty high tech phone systems, called turrents with great access to phone numbers etc. Thisis not only for routing orders for order flow but for getingin touch with mm's to do trades against and getting back to clients immediately. Its a box with a screen and a wheel that is actually weighted and you spin it and can scroll through about 100 phone numbers in about 2 seoncds. British Telecom makes ours....top notch equipment. I have a direct line to Mash's trading desk where a phone trader or desk trader might answer. They have a screen which probably shows the firms tolerance for tkaing in and selling stocks. The trader covering SIII probably puts this in on his end. Once the tolerance is filled, the trader must readjust his "internal" market. Regards Steve

To: Brendan W who wrote (2205)	1/6/1998 2:42:00 PM
From: George McMeen	Read Replies (4) \| Respond to of 4969

To Brendan re: Brown & Co. > P.S. Yes, I was aware that brokers can cross orders on accounts. > My primary broker (Brown & Co.) does not do this. I too am Brown customer (because I haven't found any other broker who can beat their margin rates). From what I have seen, I believe Brown sells order flow to the MM's. For example, I place a market order for relatively inactive Nasdaq stock for 2,000 shares. It is sold to me at the Ask. Later in the day I will my trade on Bloomberg. It is broken in to lots of 300, 700, 1,000 shares (and printed at prices lower than the Ask.) Meaning that I have been "scalped". Brown supposedly offers something called "price improvement" - if you ask for it. I always ask for it - but many of their brokers don't know what I am talking about. Cheers. George