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

To: scanshift who wrote (2075)	11/21/1998 11:37:00 AM
From: Dan Swartzendruber	Respond to of 7382

Just out of curiousity, how do you know this happens? Inside sources at Terranova?

To: scanshift who wrote (2075)	11/21/1998 11:39:00 AM
From: Rick Faurot	Read Replies (1) \| Respond to of 7382

scanshift, <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> If you are right about this it might explain why ARCA orders take so long to fill and sit on display while prints go by at the price. That's not good for ARCA users, obviously. I appreciate your information and we will certainly get to the bottom of this. Rick

To: scanshift who wrote (2075)	11/21/1998 11:48:00 AM
From: Colin Cody	Read Replies (3) \| Respond to of 7382

scanshift, Okay I now see your point. With my current broker (WSA) I see my offers in Level II under the particular MM that WSA sent the order to. If I am not happy with what I see on the Time of Sales and Level II screens I call up and get it straightened out. As I understand it a MM may not allow his personal order to come ahead of a retail order. Are you saying TerraNova trades for their own account? Are you saying that they violate the SEC/NASD rules of how an order is processed? If so, is the answer to preference a different ECN or MM? Again, I have yet to trade MBT, but I understand that we can preference where a trade is sent. I suppose I could preference NITE for my trades and be treated fairly?? Colin

To: scanshift who wrote (2075)	11/21/1998 4:24:00 PM
From: Mack	Read Replies (4) \| Respond to of 7382

Scanshift: Your crafty but false allegations about Archipelago are obviously symptoms of some tormenting and lazy envy. It is clear that you haven't even used ARCA, and if anyone should be sued it is you, for libel. I have been using ARCA for a long time and it is CRYSTAL CLEAR to me that it is an automated ECN that simply matches orders on the TNTO book (like ISLD does on its book) or preferences via Selectnet. You can watch the entire process on L2! Terra Nova processes THOUSANDS AND THOUSANDS of trades a day. To suggest that there is time for their traders to stare at your order and carry out such machinations in their own proprietary accounts is lunacy. I'm not saying that ARCA is always the most liquid order route out there, but your posts are full of ridiculous hyper-conspiracy drivel. Please take your scandalous and bitter ramblings off MY broker's thread. GET A LIFE!