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

To: Dan Duchardt who wrote (254)	2/26/1998 7:32:00 PM
From: DRRISK	Read Replies (2) \| Respond to of 1086

Dan, Thanks for the post on the ECN change. I have not typically entered orders on ECN because they charge higher commissions. The theory is that if you hit them you can sometimes save a teenie and recoup the extra commission. In my experience I am not sure this is the case and wonder still. How about you? Do you think that this change will encourage MM to go after the order if the ECN is alone and effect the spread. Pratically speaking the appearance of ECN alone is to me not that dramatic in the course of trading to warrant higher commission costs. So this change is to my liking if it makes the MM chase the SOES order. What do you think? TIA DrRisk

To: Dan Duchardt who wrote (254)	2/26/1998 9:19:00 PM
From: ExCane	Read Replies (2) \| Respond to of 1086

Dan- Thanks for your informative post. "The sudden appearance of ECNs at the inside market is" the ECN that was in qeue at the next level, exposed now that the ECN at the previous best level has been filled, canceled or expired. In my opinion, the level2 display was, I believe, setup only to display the MM best bid/ask, and now the ECN's display similarly. Don't you think MLCO has orders for stock at 19 5/8, 20, and 20 1/4? Again I just wondered if there was a display of all ISLD orders available. As I previously posted there is ISLD and other ECN stock at EVERY level in some stocks. Do you understand what I'm saying? Anybody? -Alex