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

To: Cosmo Kramer who wrote (2607)	2/22/1998 7:13:00 PM
From: steve goldman	Read Replies (2) \| Respond to of 4969

Instinet is a division of Reuters. They offer access to their proprietary books (very similar to ISLD) for a fee and a per share charge. Usually they charge about a penny an a half per share so a thousand shares would cost you $15 plus any clearing charges. Because of the cost assocaited with INCA, I strongly recommend that traders trade ISLD, Island, rather than even considering INCA. I find ISLD to have more volume to INCA, but that it is just an informatl evaluation. ISLD is oriented toward traders while INCA is more for larger institutions. INCA had a monopoly for a while and so they could get away with their fees, now that ISLD is around, they might have to give in a bit. As an example, lets say I were to go on the nasdaq terminal and trade against INCA 1000 shares. They would send me a bill for $15. Can you believe that? There they are, presenting themselves on the inside market, affecting soes cues, and the overall conditions of the market in the stock, and I enter an order to them, and then send me a bill? I would like to know where I ever signed up for that? Nasdaq says firms must comply. This is why most firms will avoid INCA and rather do it against ISLD which has no fee to the SNET trader. Personally, I will always do the trade in whatever, against whatever firm that gets my client the best trade, but similar to firms that route away from listed exchanges because of floor brokerage fees, I am sure many firms dont go against INCA because of the fees. Regards, Steve@yamner.com yamner.com

To: Cosmo Kramer who wrote (2607)	2/22/1998 7:19:00 PM
From: steve goldman	Read Replies (1) \| Respond to of 4969

Chat Session **Proposal Our chat session last weekend was a great success. The Chat room was virtually packed and we received some great response to the educational experience. One of the recommendations was that a discussion of Listed & OTC markets and the various execution systems was too broad to be well covered in an hour session. In fact, what was to run 70 minutes ended up running almost two hours. As a result, we are considering the idea of holding a subsequent session this Sunday 28th at around 6pm, est., to discuss only OTC markets, SOES, SNET and ECN Trading. I am trying to get my hands on a market making freind of mine who will join as a host, if he can get permission from his firm. As well, Bernie Yamner, one of the best traders I know, and several others wil lbe guest hosts. If anyone has any ideas or suggestions, please let me know. I will have plans finalized by Tuesday. The chat site is at yamner.com Regards, Steve@yamner.com yamner.com

To: Cosmo Kramer who wrote (2607)	2/23/1998 10:05:00 AM
From: KZAP	Read Replies (2) \| Respond to of 4969

NDB - National Discount Brokers Cut off my account because I trade in Penny STocks and had a $500 outstanding balance! I wouldn't trade with them if I were you!! They let me trade like this for 2 months and when they started having trouble with their website they couldn't handle it and istead of fixing it they decide to not allow you to cover all of the sudden! DO YOU BELIEVE THAT CRAP!!!!!!!!!! I WOULDN'T TRADE WITH NDB!!!!!!!!!!! KZAP