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

To: scanshift who wrote (3986)	12/18/1998 7:21:00 AM
From: steve goldman	Read Replies (1) \| Respond to of 4969

Morning! With a limit order to buy 3 points below the market, I would probably put the order on ISLD. It cant trade through you. (well actually it can, on any ECN, market makers can always start filling sell orders below the bid if the bid is inconsequential; they can also lock it after 30 seconds of futile attemps to get a fill), but ISLD has several advantages. 1) its cheap, 2) its fast 3) they do a fair amount of volume. Would I go to a report, to find out which ECN does the most AMZN volume? No. I guarantee you that when AMZN hammers down those 3 points, and you see bids by ISLD and INCA and REDI, most likely all three will get taken out. For the seller, hitting your bid, they pay ECN fees if they are accessing the ECn system directly or through SNET, so I dont think anyone wants to use the more expensive ECNS. My top choice for ECN routing is ISLD. Scan, re: ARCA, I don't use them because I simply find ISLD, REDI, INCA more accessible. Regards, Steve@yamner.com