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

To: Steven Bowen who wrote (2763)	3/23/1998 9:04:00 PM
From: steve goldman	Read Replies (1) \| Respond to of 4969

Thanks for the note: See my answers mixed in below: Would it make a difference if E*Trade was making the market in earlier stocks I flipped this way, and was selling the order flow for the stock I tried today? Yes. If they were making the market or nondiscriminatorily routing orders, it would probably disadvantage the quality of your execution. When a firm makes a market or nondiscriminatorily routes orders, they are acting not in your best interests, not seeking price improvments or protecting the position. ___>Does the quote have to change to reflect all best prices available (including mine)? On NSM Nasdaqstocks, your firm has 90 seconds to make the market or update the consoldiated nasdaq market to reflect your bid/ offer. __>If I enter the best bid, do they have any obligation to fill me, or can they trade around me even if I was first in line at that price? They have the 30/90 seconds to try to make a market, make a spread if possible, else reflect your quote. Often, to not mess with their position on L2, they will route you to an ECN. __>I'm just curious why this works for me most of the time, but not all of the time, and if I'm being screwed or not the times it doesn't work. In the examply you gave, you should call the firm and state that they did not reflect your bid. Was it a large cap, NMS Nasdaq stock? Was it a listed stock? Hope it helps! regards, Steve@yamner.com