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Strategies & Market Trends : From the Trading Desk -- Ignore unavailable to you. Want to Upgrade?

To: steve goldman who wrote (3537)	8/31/1998 2:41:00 AM
From: Joey	Read Replies (1) \| Respond to of 4969

Brendan - unless the 25K trade was executed by the the same firm that held your order - no LOP rules apply, OATS or no OATS. Assuming the same firm that executed the 25000 share trade held your order, Manning rules would require that your order be executed, but at your limit order price. Current NASD interpretations of the SEC limit order handling rules allow for negotiated block trades outside the inside market without price improvement for retail limit orders(they don't have to cross your limit with part of the institutional order). With the addition of a central limit order book (NODES), your order may have been executed, the but don't be surprised if such a book allows for blocks outside the market as well. Joey