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Strategies & Market Trends : From the Trading Desk -- Ignore unavailable to you. Want to Upgrade?

To: steve goldman who wrote (3930)	12/3/1998 9:29:00 PM
From: steve goldman	Respond to of 4969

Chat Session = Trading Today's Market - Listed Equities As a result of investor interest, I will be hosting a Special Event Chat session on our chatsite, yamner.com this Sunday at 6pm, Eastern Time. There is no charge or fee for accessing the site. You can either login as a guest (no preregistration needed) or you must register beforehand (give yourself about 60 minutes to be safe). You can then enter the site at yamner.com but must register at yamner.com. To have your questions answered, you must be a registered user. If you plan to ask important questions, be sure to register as soon as possible. Be sure to try accessing the site before the event as we can not provide any technical support during the event. The Session will primarily be a Question and Answer event, preceeded by about 10 minutes of discussion regarding listed exchanges. The focus of the session will be execution systems, understanding the quotes, understanding the movements of listed stocks, phrasing orders. As well, I am more than happy to answer any questions anyone has regarding any issue related to listed equities. As well, if time permits, we will discuss idiosyncracies in Trading Todays' Markets - OTC Equities. Given recent volatility. it is critical that traders understand and utilize all available execution systems. I hope to see you Sunday. Regards, Steve@yamner.com yamner.com

To: steve goldman who wrote (3930)	12/3/1998 10:16:00 PM
From: TFF	Read Replies (2) \| Respond to of 4969

Ok here is my boiled down version<ggg> What do think? fundamentally the process? Process Of A Typical NASDAQ Trade(A buy of 200 shares of AOL through XYZ Securities.Inc): 1) Order Received from client. 2) Order filled by A - Firm's trading desk acting as principal - Firm's trading desk acting as principal and market maker or B - routed to a market maker's trading desk acting as principal 3) The receiving trading desk executes the trade, or re-routes it to an ECN 4) Once executed the seller prints the trade to the Nasdaq on the ACT system with the two firms locking in on ACT. (ACT is a system which permits firms to "meet", electronically, and confirm a trade, lock it in so neither can back away later). 5) ACT sends the trade to your clearing firm. If you bot 200 AOL...200 aol is delivered electronically (on ACT sheets) to your clearing firm the next day. 6) On trade date, your firm books into your account at the clearing firm the trade. It is matched, reconciled with the stock being delivered by ACT. if the price or any item is booked wrong, it is referred to as a break.ie..you bot 200 aol 109 1/4.... clerk enters it incorrectly as 19 1/4. The next day the clearing firm sends a break: XYZ Securities Inc: AOL 109 1/4...booked 0 Compares 200 AOL 19 1/4 Booked 200 compares 0 This is referring to what we booked into your account and what the street side is coming in with. In this case, an erroneous confirm goes out to client which is followed with a cancelling confirm and then a corrected confirm. Basically its a small goof up on the trade, yet hopefully the client was not brain dead and didnt think they got 19 1/4.

To: steve goldman who wrote (3930)	12/4/1998 4:36:00 PM
From: TFF	Read Replies (1) \| Respond to of 4969

Steve: Thanks for the help this week. I appreciate it. I have and will continue to recommend you and your firm to others looking for a "trust worthy" broker. P.S. I hope some of these people actually call you!;)

To: steve goldman who wrote (3930)	12/5/1998 8:37:00 PM
From: August	Read Replies (2) \| Respond to of 4969

So you tell the MM that you want to buy 4000 sh instead of 10,000 sh when you called him for the first 4000 sh. By the way, "4000K at 1/4, get the autofill in 5 seconds," that's 4 million shares on autofill. A little typo maybe. you said in Message 6676539 >> b. ok, so in this scenarios, lets say its a sizeable, order, to buy 10,000 ABCD at 50 1/4...its 50 x 50 1/4...relatively fast moving...i might but a bid out at 50 1/16 or 1/8 while i am calling the market maker...might show them 4000k at 1/4, get the autofill in 5 seconds, if nothing done on the ECn, i might do another 2k when they come back with the fill on the first 4k, wait a bit on an ECN , if nothing by the time they come back on the 2nd 2k, do the balance...