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Strategies & Market Trends : Daytradng 101... A place to ask simple questions. -- Ignore unavailable to you. Want to Upgrade?

To: Cash who wrote (31)	2/18/1998 12:59:00 PM
From: Dan Duchardt	Respond to of 32

Cash, Thanks. I agree that how orders get executed is a function of the system you use for trading, or the options you choose within a system. I think we agree on this also, but just to be clear: >>>1. Our order entry system would automatically redirect a SOES order to an ECN if there was an equal or better quote there as you were more likely to get the execution that way.<<< Your system accepted your order, and chose to not use SOES because there was an alternative believed to give you better probability of execution, namely directing your order to the ECN with the equivalent price. It may be nitpicking about semantics, but such an order is NOT a SOES order. The system I have been using allows the user to select an auto feature that will direct an order to an ECN when no MMs are at the inside market. It will soon be changed so you can go to the ECN first, if you choose; this sounds like what your system did. By the way, effective next week NASDAQ is changing the rules for SOES orders entered when only ECNs are at the inside market. Today, those orders are tossed out. Next week they will be held for 90 seconds in case a MM moves to the inside and becomes eligible for SOES execution. nasdaqtrader.com Dan