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To: funk who wrote (427)	4/6/1998 12:42:00 PM
From: ojai	Read Replies (1) \| Respond to of 1086

funk- That's my understanding of INCA also. It stands for instanet(ECN), and is used by mm's frequently, usually to conceal their motives. -ojai

To: funk who wrote (427)	4/6/1998 10:36:00 PM
From: ExCane	Read Replies (1) \| Respond to of 1086

Funk- INCA is Instinet. Thousands (assumed, at least hundreds) of different entities use it. MM's can use it subject to certain rules. As a non-MM, an instinet terminal user can elect to show in the quote, or not show in the quote at will. As with these other ecn's, only the best INCA bid and ask are visible in the quote, so say the stock looks to you 35 3/8 x 35 1/2 10x2 and someone can have 200 offered on Instinet (set to show in the quote)at 35 1/2 and 10,000 offered at 35 9/16. There can even be an offer of 100,000 at 35 7/16 by a non-MM. All you will see is 200 at 35 1/2. If you went to take the 200 at 35 1/2 you would get back a fill at 35 7/16 (or you should). You never know who is on instinet (like the MM on the bid, offering INCA), though terminal users can preference and message each other anonymously. Hope this helps. -Alex