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Non-Tech : MB TRADING -- Ignore unavailable to you. Want to Upgrade?

To: Alf who wrote (163)5/12/1998 6:07:00 AM
From: John Hunt  Respond to of 7382
 
<< Could you please explain what ARCA is? >>

ARCA is Terra Nova's ECN. (MB Trading is a subsidiary of Terra Nova)

When you place an ARCA order, the software looks for a fill on ARCA, followed by ISLD, followed by other ECN's, followed by Selectnet (Nasdaq), where if still not filled, it will remain visible to the market makers. It does not include SOES on its routing.

ARCA orders can be limit or Market. If market, ARCA will keep hitting the bids (in the case of a partial fill) until completed. This is different from a SOES market order which will be handled and priced by one market maker.

Hope this helps.

John




To: Alf who wrote (163)5/12/1998 9:18:00 AM
From: whuffo  Read Replies (1) | Respond to of 7382
 
ARCA is a system that will hit the ECN's (including ISLD) and the MMs in an attempt to fill your order at the limit price. If there is no success, it will place your order on the book at TNTO (the Terra Nova ECN). It's not the fastest route, but it is complete and allows a limit order outside of the inside market.


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