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Strategies & Market Trends : Level II Trading -- Ignore unavailable to you. Want to Upgrade?

To: Dan Duchardt who wrote (230)	2/25/1998 10:44:00 PM
From: ExCane	Read Replies (2) \| Respond to of 1086

Dan- My question didn't go into enough detail. I'll explain- when you look at a level2 and see an ECN like INCA (instinet) , you only see their best bid/offer. Say the stock is 25 1/4 x 25 1/2, and there is INCA on that offer, there may be 10K shrs of INCA stock at 25 3/4, but because of the nasdaq feed (my workstation displays it this way), you won't see it until the 25 1/2 stock is taken, expired or cancelled, then it "magically" appears. You traders should also know that a non MM such as myself can elect not to show in the quote, so I may have 10k shrs at 25 3/8, not showing. The more active traders here probably have wondered why they got a better fill occasionally when they went to take/hit INCA. There can also be stock in Instinet at every level, and often is. Additionally, Instinet facilitates "reserve book" orders, so it looks to you like stock is printing "away" but the bid/offer keeps refreshing. I can have my 10k shares out looking like 1000. BTRD (bloomberg) also has reserve book facility. My question was prompted by the fact that I see ISLD at every level in some stocks and wondered if these "proprietary" level2 services display ECN's differently than the workstation, ie. displaying ISLD at every level. Do you know what I'm asking? -Alex

To: Dan Duchardt who wrote (230)	2/25/1998 11:20:00 PM
From: Jay Morrison	Respond to of 1086

Has anyone heard of Cornerstone Securities as a SOES company? The Block office in Tampa, Florida switched over to Cornerstone Securities. I was wondering if anyone has experience with them. I spent a day there to check it out and liked what I saw. Direct connection to Nasdaq (no service like PC quote to slow you down). They claimed that their quotes are a bit faster (1-2 seconds) than most offices because of their direct connection to Nasdaq. Much more expensive for the office, but they still charge only $20 for 1000 shares. No minimum # of trades and no seat fee. No training fees. Jay