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To: AS Hibbs who wrote (10099)11/4/1998 12:37:00 AM
From: Esteban  Read Replies (2) | Respond to of 16892
 
If XYZ is not trading rapidly and it is 10x11, I enter my order at 10 1/8 for 1000. My separate quote service shows 1000 at 10 1/8 and a little while later, those 1000 get traded, but not for me. It has happened about 6 times in as many weeks.

If XYZ trades on Nasdaq, this is routine. MMs will trade around you indefinitely if they choose to, but you can bet you'll get filled if XYZ starts to move against you. On NYSE those 1000 at 10 1/8 are yours.

Attempting price improvement on Nasdaq is a risky proposition. Island helps increase our odds on this score. Of course you actually have to get through to a server before you can be represented on Island, and that's been task enough lately.



To: AS Hibbs who wrote (10099)11/4/1998 10:06:00 AM
From: Fred Puppet  Respond to of 16892
 
Scott Hibbs - Yes, this is how NASDAQ works.