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Technology Stocks : Trading TAVA -- Ignore unavailable to you. Want to Upgrade?

To: jan m. who wrote (533)	7/12/1998 4:19:00 PM
From: B.D.Bauden	Read Replies (1) \| Respond to of 655

Jan, It appears that Tim is not around to answer your question about INCA, so I thought I would give it a try. INCA is an electronic communications network (ECN) called Instinet. An ECN allows market makers' and customers' bids and offers to be displayed on national systems to others who can fill these orders. It is often used by institutions to trade with other institutions. One of the real problems with it, from an individual investors point of view, is that ECNs are only required to display orders entered by market makers, and ECNs are not required to display block orders (those over 10,000 shares or worth more than $250,000). So you may not be able to tell the depth of the offer by looking at the Level II quotes. Bruce