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

To: DougB who wrote (1488)	10/19/1998 11:17:00 PM
From: wily	Respond to of 7382

>>what the heck is really wrong with locking or crossing the market anyway? Exactly. Probably doing it for our own protection (we're not too smart).

To: DougB who wrote (1488)	10/20/1998 5:07:00 AM
From: Eric P	Read Replies (3) \| Respond to of 7382

what the heck is really wrong with locking or crossing the market anyway? I think this is the biggest problem with ISLD. I would even settle for begin able to LOCK and not cross a market. But instead, you are left with three options: 1) Preferencing or SOESing a market maker at the ask, who has no intention of filling your order, 2) Posting a quote at the bid, which will not be filled in a fast moving market, or 3) Skipping a level and placing an override preferenced order for a market maker /ECN above the inside ask. I would much rather place a bid order at the current ask price and lock the market. Not only would the order have a better chance of being filled, but it would offer a side benefit as well. During a locked market, all market makers at the inside bid or ask must execute an order or refresh their quote in only 7(?) seconds, not the usual 17 second foot-dragging, market stalling wait. In a crossed market, the allowable wait time is even less. So my vote is for allowing Crossed or Locked markets with ISLD orders! Does anyone have an inside contact at ISLD??? Good Luck, -Eric