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

To: Dr. Rich who wrote (278)	2/27/1998 4:30:00 PM
From: Dominick	Respond to of 1086

Don: I've been trying that during the lag hours. Success ratio only 40% so far. Thanks for the reply, Dominick

To: Dr. Rich who wrote (278)	2/28/1998 9:01:00 AM
From: Dan Duchardt	Read Replies (1) \| Respond to of 1086

Donald, Yes you can trade between the bid and ask with ECNs, but it's not the same as being a market maker. Market makers are SOES eligible; ECNs are not. If an MM is willing to match your price at the inside market, he is far more likely to get executed than you are because it takes extra effort (preferencing) and extra money for someone to execute your order instead of the MMs order. In addition, some brokers, especially low commission online brokers, will not execute orders against certain ECNs. For example, an instinet (INCA) execution costs the broker 1.5 cents per share. Datek will not execute your order for 1000 shares against INCA, pay them $15 and turn around and charge you only $10. They restrict their ECN executions to Island, which they check for a possible match before submitting a marketable order through SOES. Dan