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

To: wily who wrote (2548)	12/5/1998 1:12:00 PM
From: Rick Faurot	Read Replies (1) \| Respond to of 7382

wily, No problemo..I was posting during trading yesterday so not at my best. Yes, I saw the original 20k bid in the ARCA book. It took about twenty to thirty seconds to fill, if I recall rightly. No, the ARCA book is not a separate display. ARCA orders appear right in the L2 window along with all the other bids and asks. What is different about ARCA bids is that they can be significantly above the inside ask, as in the example on the EGHT trade I posted a couple of days ago. On the EGHT trade, for example, when I started watching it, the ask was 8. There were ARCA bids at 7 3/4, 7 7/8, 8, 8 1/8, 8 1/4 and 8 5/8 (the 20k bid) or something similar to that. Not all these bids filled, most likely, but a lot of them did. Normally you would not see an MM bidding 5/8 above the inside ask. ARCA users can do it because ARCA is automatically filling them at the lowest available price. BTW..ALL the top five or six inside bids on this trade were ARCA bids! I don't know why MBT closed the ISLD book. I will ask Ross about it. I am so used to reading the ISLD book as an aggregate that I have no problem with it, but seeing the book might be helpful. So, how's your trading going? You been playing RMBS? Rick