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Strategies & Market Trends : Trading For A Living -- Ignore unavailable to you. Want to Upgrade?

To: Char who wrote (866)	7/11/1998 4:58:00 PM
From: John Hunt	Read Replies (1) \| Respond to of 1729

David, With MB Trading, you have the choice of two types of 'market orders'. Here is how I understand they work. A SOES market order is routed to a single market maker who can hold it for 30-90 seconds, adjust his price as the market changes, and then give you a fill at whatever price he feels like. The advantage of a SOES market order is that you move to the head of any queue of limit orders. An ARCA market order hits the first available market maker at the current best market price. If he fills only part of it or declines the order, ARCA will then again hit the best price (which may have changed in the interim), until the order is filled. The advantage is that any single market maker is limited in how much of a bath he can give you, but the disadvantage is the market may have changed on a partial fill or decline. The ARCA order is also a few seconds slower as it checks the various ECN's before hitting the first market maker on Selectnet. Worth thinking about though ... six of one and half a dozen of another. :-)) John