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To: LTBH who wrote (4270)	5/22/1998 8:35:00 PM
From: Eric P	Read Replies (1) \| Respond to of 12617

Networm: I've got several ideas that may explain what you've experienced: 1) Assuming you abbreviated the price and the full price of the stock was 21 3/4 x 21 15/16, ==> Then I don't believe NASDAQ will display quotes in 1/32 increments and they will be rounded to 16ths. This is true for all stocks priced below $10/sh ( or $12/sh??). Or... 2) Once the marketmaker receives your limit order which is at a better price than he is displaying, he has 30 seconds to either fill your order or display your order to the marketplace. How long did you wait to see your order? Or... 3) ==> You're getting screwed by the marketmaker to whom your order is being routed. Call your broker while the order is open and ask him/her why your order is not being displayed. Hope this helps, -Eric

To: LTBH who wrote (4270)	5/23/1998 2:29:00 AM
From: Dan Celestino	Respond to of 12617

Networm, Here's my take, stock is 3/4 x 15/16 . you place a bid 25/32. by placing your bid between the spread you are trying for price improvement. Depending on your broker, your order is 1. represented on ECN waiting to be picked off (price improvment) or 2. waiting for inside market to move for execution (limit order) If you are trying to "buy the bid" and "sell the ask" you must "work your order" either thru selectnet or any ECN. (assuming your broker offers this) I don't believe your order has any effect on the inside bid since your order is considered "passive" If I'm way off base please let me know. I'm trying to learn myself. Dan

To: LTBH who wrote (4270)	5/23/1998 8:11:00 AM
From: TFF	Respond to of 12617

Networm, I would suggest the next time it happens to call the broker WHILE THE ORDER IS STILL LIVE and ask him why it is not displayed. Sometimes orders get screwed up.

To: LTBH who wrote (4270)	5/23/1998 10:50:00 AM
From: peter n matzke	Read Replies (2) \| Respond to of 12617

Networm, i just had the same situation with MASH. MASH said that they were not required to display my order. Trade Watch said it was a violation because MASH was already the inside offer(i was presenting an improvement to the inside offer). i contacted MASH again, (over an hour passed without my offer being presented), they stated that they had no responsibility to present my offer. just a bunch of thugs

To: LTBH who wrote (4270)	5/23/1998 5:13:00 PM
From: steve goldman	Read Replies (2) \| Respond to of 12617

Regardless of what increments the NASDAQ requires be displayed, you should be doing business with a firm that works in your best interest. If your firm nondiscriminatorily routes to a MM like MASH etc. who doesnot want to or has to route your order, your firms use of that MM is not in your best interests. They should go to an ECN or other market maker who will show you bid, whatever increment you wish to improve the spread. -Stev@yamner.com