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

To: Rick Faurot who wrote (2276)	11/25/1998 1:34:00 PM
From: Dan Swartzendruber	Read Replies (2) \| Respond to of 7382

And why couldn't/wouldn't he get a straight answer from the phone drone at MBT when he asked the question you said NO to?

To: Rick Faurot who wrote (2276)	11/25/1998 2:00:00 PM
From: JerryPutnam	Read Replies (1) \| Respond to of 7382

Rick, Per NASD rule 6130(b),transactions in Nasdaq securities must be reported within 90 seconds after execution. As such, trades you see printed might be up to 90 seconds old. In addition, unlike the NYSE, there is no time preference with NASDAQ stocks. ( i.e. even if you are the first to post at a certain price, the contra party might preference someone else to do the trade with.) Based on these two facts, I believe it is apparent you can not pass judgement on the quality of ARCA fills by just comparing your order with trades you see on the prints at the same price. Pat Murphy - Compliance 312/960-1694

To: Rick Faurot who wrote (2276)	11/26/1998 9:50:00 AM
From: Gary Korn	Read Replies (1) \| Respond to of 7382

A nice word about MBT (from someone who isn't using them...yet): After sending in $300 to establish an account with MBT, and after getting an account ID (meaning that MBT had to have done some processing work on my application), I decided to hold off on moving from Fidelity for the time being. I called MBT to ask for return of the $300. I received a full refund today, with a nice note that said "We are sorry to see you go. We look forward to having you back soon." Decency and courtesy like this on the exit side of the equation speaks volumes about these people. Gary Korn

To: Rick Faurot who wrote (2276)	11/26/1998 1:12:00 PM
From: JerryPutnam	Respond to of 7382

The reason it takes longer is because if we don't have an order on ARCA at the best bid or offer we route your order to the market maker or ECN at the best price. The system favors ECN's over market makers because ECN's respond faster than humans. However, some market makers have electronic systems that respond to our orders very quickly. That's why I had the idea to have the system keep track of how often a market maker or ECN responds with a fill vs. a rejection. ARCA uses this info to pick and choose between which market maker and ECN it should send your order to. The delay you are experiencing is caused when we send an order to a market maker who doesn't have an electronic interface, meaning the market maker has to respond manually. These guys get lots of orders all at once, usually from one of you guys, and they have to respond to them one at a time. We don't let them hang on forever, just 30 seconds, than ARCA cancels the preferenced order and moves on. I have been working like mad to get private links to the better market makers so we can avoid the additional delay caused by the NASDAQ system. Next time you put an order on ARCA, notice how fast it trades if an ECN or GSCO or MASH are at the inside. GSCO and MASH have electronic response built-in just like an ECN. Notice how slow it is if MONT or MLCO are at the inside, they have terrible technology.