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

To: Colin Cody who wrote (2066)	11/21/1998 10:58:00 AM
From: Dan Swartzendruber	Respond to of 7382

Good point. I did note too that he didn't respond to that question when I posed it. Also, the Forbes article, frankly, was useless as any kind of substantiation of his allegations. It was a one-page blurb with a couple of pie charts. Yes, it does say ARCA charges up to 3 cents per share. OTOH, MBT does seem to charge any ARCA fees at all, as far as I can tell.

To: Colin Cody who wrote (2066)	11/21/1998 11:00:00 AM
From: Dan Swartzendruber	Respond to of 7382

>> If what is meant is that they want the "other side" of my trade... who cares? Right on.

To: Colin Cody who wrote (2066)	11/21/1998 11:28:00 AM
From: scanshift	Read Replies (5) \| Respond to of 7382

You are missing the whole point. Say you have a resting order to buy at a limit. If a market order to sell comes in, Terra Nova can decide to take that down for their own account, than your order will continue to sit there until another order comes in to sell against your limit. You are not getting a fill at that particular point in time! Your fill has been delayed and maybe on rare occasions than the market will pop and you will not get filled at all. Remember, you need a second order to sell at your limit to give you a fill because Terra Nova took down the first order. I am not saying that this happens constantly, but it does happen occasionally. I strongly believe that it is ethically wrong for the principals of an ECN to be engaged in proprietary trading for their own account. It is nice to see that Instinet, and the Island also agree with me.