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

To: Robert Cohen who wrote (2711)	12/16/1998 10:27:00 AM
From: JerryPutnam	Respond to of 7382

There are two answers. First, a SelectNet order can't be canceled for 10 seconds; this is a Nasdaq rule. Second, if you don't cancel the order first we leave it out for 30 seconds. The order handling rules adopted in early 1997 say a market maker must either trade, post or give a customer order to a qualified ECN within 30 seconds of receiving it. That combined with the requirement of trying to avoid locking or crossing the market prior to doing so, is the reason for the 30 seconds. This does not stop you from canceling after 10 seconds.