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To: Gorak Shep who wrote (10641)	12/17/1998 11:43:00 PM
From: Tai Jin	Read Replies (1) \| Respond to of 16892

I think selectnet is also restricted in that it cannot preference ECNs. So if there is an ECN at the inside market, the order cannot be routed to it. ...tai

To: Gorak Shep who wrote (10641)	12/18/1998 12:05:00 AM
From: Esteban	Read Replies (2) \| Respond to of 16892

Gorak, thanks again for the information. I guess I've gotten Instanet (INCA?) confused with Selectnet. If a MM is on the inside, how is it he can choose to take the order or not? Do you mean he can choose to fill another order for the shares he shows (or is it only 100 with the new rules) and then pull the bid/offer, or is it purely at his discretion to fill or not? One can also use Selectnet to Preference (ie present to) a specific MM. So when an order is directed to a specific MM, is it usually routed by means of Selectnet? What would be the purpose of directing the order to a specific MM rather than a general Selectnet broadcast? The specific MM you are preferencing could be in the process of pulling off the inside spread. Or is it that MMs can choose to take the order or not only on a general preference, but must fill orders preferenced to them in the order they arrive? Lots of questions. Thanks for the answers. Esteban