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Strategies & Market Trends : The Final Frontier - Online Remote Trading -- Ignore unavailable to you. Want to Upgrade?

To: steve goldman who wrote (3111)	2/21/1998 7:38:00 PM
From: Eric P	Read Replies (2) \| Respond to of 12617

Steve: I was interested in the answer to one of Dan's questions: <<How long is the evaluation period (20 sec, I think), and what is happening/what do I see on my level II screen when the MM is deciding what to do? Suppose there are 5 MMs at the inside ask, and the top one gets executed. He can refresh immediately if he chooses and stay there, right? But if he takes his allotted time is he blocking SOES orders to the other MMs, does he move to the bottom of the inside market list if he waits and then decides to refresh at that price, or what??>> Can one marketmaker effectively "hold up" all SOES orders for 20 seconds while he is on top of the bid/ask? Or does the SOES queue skip to the next marketmaker on the inside bid/ask while the first marketmaker is deciding to update his quote? Thanks, -Eric