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

To: Shoot1st who wrote (2709)	12/15/1998 6:47:00 PM
From: JerryPutnam	Read Replies (3) \| Respond to of 7382

If your order is smaller than the displayed size we go through a different process than when your order out-sizes the offer. We keep tabs on who historically has filled us vs. rejected our preferences. This ratio is used to pick and choose whom to send the order too first. In many cases your order is split up and sent to multiple ECN's and MM's because your size is larger than any one MM or ECN is displaying. If your order size can be filled by 2 of the 3 MM's in your example, we will send it to 2. You show up as high bid after we attempt to trade at the best offer. We will either clear the offers or if we don't get a response we will lock the market. If you become the new bid you wait for either another ARCA trader or a non-subscriber to hit you (via selectnet). It does not matter if the stock is slow moving or fast moving. It takes on average 20 milliseconds for ARCA to determine who to go to and than actually send the order.