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

To: TFF who wrote (3932)	12/3/1998 10:38:00 PM
From: DAVID C. DeANGELIS	Read Replies (1) \| Respond to of 4969

you must not miss ACRT, look at the momentum You have got to check the chart on this one 4+ points in the last 15 min while NASDAQ & DOW tanked Unbelievable momentum 5MM float 1.6MM short Broke all TA resistance do you're own TA this looks stronger than any breakout I've ever seen recently

To: TFF who wrote (3932)	12/4/1998 2:05:00 PM
From: TFF	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 PPOD 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 PPOD...200 PPOD 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 PPOD 109 1/4.... clerk enters it incorrectly as 19 1/4. The next day the clearing firm sends a break: XYZ Securities Inc: PPOD 109 1/4...booked 0 Compares 200 PPOD 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.