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

To: Morpher who wrote (921)	6/29/1998 8:14:00 PM
From: Darren	Read Replies (1) \| Respond to of 3216

What's the difference between adding liquidity and removing it? There are always two orders involved in each match, one of the orders adds liquidity and the other removes it. In a given match, the order that was entered first is always the one that added the liquidity. When you send a new order to Island, that order is first scanned against orders already on the limit order book. If there is already a matching order on the book, you get an immediate execution. In this case you removed liquidity. If no immediate match is found during the scan, then your order is added to the book where it waits for another order to come in and match against it. In this case, your order added liquidity. Wow, now I understand. DATK will always "front-run" us and add the liquidity while we always remove it, hence always receive a new, improved, $2.50 charge! Those guys are so creative! [This is a joke. I have no knowledge that DATK front-runs, I don't know Monica Lewinsky, and Vernon Jordan did not help me find this thread.]