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To: gbh who wrote (8480)	5/7/1998 4:15:00 PM
From: Morpher	Respond to of 16892

Morpher, were these orders market or limit, and were they filled inside the closing spread or outside? Also, what do you think causes this? These were all limit orders. If I recall correctly they were filled inside the spread. I understand Island allows trading before and after hours so that may have something to do with this. Also, I have have one order, for CTXS, entered at 3:59:58 and filled at 3:59:59. A market buy. I almost never use market orders so that may be the reason why we see a difference. All my inside-the-spread limit orders entered before ~3:59:40 become open-day but during the last 20 seconds they become entered-day (later rejected).