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To: William W. Dwyer, Jr. who wrote (5118)	8/31/1998 12:54:00 AM
From: Mark Davis	Respond to of 12617

From my high speed daytrading daze. There are frequent, bad quotes that appear on Nasdaq. Sometimes a 1/2 point away from the market ,or 30 points if some MM hits the wrong key. Although it's always possible to execute against these bad prices, and you may even get lucky and have one stick, it's more trouble than it's worth. If you do , even accidentally take these trades, the smartest thing is usually to SIT ON IT, until it can be determined that the trade will not be broken. Don't cover/sell until then. That way you don't get stuck with the bad side of what may be a big loser.

To: William W. Dwyer, Jr. who wrote (5118)	8/31/1998 8:53:00 AM
From: steve goldman	Read Replies (1) \| Respond to of 12617

William, I assume you are talking about the COntra firm, not the clients' firm. But no, it was an error, clearly erroneous, and should have never been filled at that price. As for them doing the right thing, or some type or morality playing in, them caring about that trade or that particular 1000 shares, ifyou think they do care, you are much mistaken. But thats on Nite's end...i'm talk about at Castle's end...from Nite's standpoint, they entered an erroneous quote, got it broken..doyou think they care about the other firm's client? Castle (who I think is killer key) should have contact the client immediately letting them tknow that the trade would be broken or had been broken. Your suit would lose against Nite. Clearly erroneous is an affirmative defense. Regards, Steve