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To: D. Chapman who wrote (4764)	7/24/1998 2:17:00 PM
From: steve goldman	Read Replies (2) \| Respond to of 12617

Pershing tiny compared to Datek? Recall that Isld is not Datek. Isld is an ECN an order book that all market makers send orders to. If MASH does not want to update their quote to reflect a clients' order, it might route it to ISLD. Isld's volume has nothing to do with Datek's size or datek's inhouse inventory of shorts. Distinguish between Datek and ISLD. Perhsing is one of the two largest clearing firms around. They also have the added value of DLJ as a parent. Regards,Steve