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

To: Ken Brown who wrote (3637)9/22/1998 4:02:00 PM
From: TraderAlan  Read Replies (1) | Respond to of 4969
 
Ken,

With ECNs, including ISLD, you're only crossing with other traders. MMs have no obligation (or general interest) in filling your order although they can if they want to. You generally need other ISLD liquidity to get your order done. MMs sometimes use ISLD to mask their own buying/selling.

The obligation to honor inside price is part of the contract between brokers and MMs in the payment for order flow agreement. Some discount houses may have FAQs on the subject but they generally aren't too thrilled with the public knowing exactly what happens to their money.

Alan



To: Ken Brown who wrote (3637)9/22/1998 4:18:00 PM
From: Len  Read Replies (1) | Respond to of 4969
 
Ken, try nasdaqtrader.com.

You'll need Adobe Acrobat Reader to view or print this section of the NASD manual, but it may help you understand the subject.

Len


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