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

To: CanynGirl who wrote (485)	7/12/1998 1:14:00 PM
From: Sword	Read Replies (1) \| Respond to of 7382

True, but as far as I know, TNTO cannot be executed against except by other MMs. No other ECNs, including ARCA can execute against it. Therefore it is similar to a Selectnet broadcast since only MMs can execute against it. With respect to visability, it is different since anyone with LII can see TNTO, whereas my order will never be displayed anywhere on LII if I use Selectnet. If anyone knows any better, please correct me. What is the definition of "making a market"? -- Displaying your price and making it executable directly without going through another market maker. The only tool I have at my disposal at MBT for doing this is ISLD. -Sword

To: CanynGirl who wrote (485)	7/12/1998 3:59:00 PM
From: Sword	Read Replies (1) \| Respond to of 7382

"....it goes through a preferencing sequence first, but if that fails, it then displays your bid on the TNTO ECN." Right. It is at that point that if you are splitting the bid/ask that the inside quote on level 1 screens across the country will reflect your price, since they will reflect the prices of any ECN and TNTO is an ECN. Thanks for the correction. Someone else on this thread asked about that earlier. What you will never see, of course, is any crossed bid displayed on level 1 since that bid will be preferenced and not broadcast. For example, on fast moving stocks like Dell, you'll sometimes see bids on ARCH displayed on LII that are substantially above the inside ask. These bids don't change the level 1 inside bid prices that are displayed. If the market moves to that price and the ask moves above it before it gets executed (happens sometimes), then ARCA in working your order automatically, will plug it into TNTO and broadcast it. Now the inside bid is yours and it displays on Level 1. -Sword