Silicon Investor (SI) -- The First Internet Community

discover

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: tom pope who wrote (2841)	12/19/1998 12:51:00 AM
From: Shoot1st	Read Replies (1) \| Respond to of 7382

Tom...I always said "YOu can't tell the players without a polygraph" It often takes weeks for things like this to come out from a third party. Usually in that time period you can tell who is searching for the truth and who is trying to bury it. You don't owe me any apology. I would have had a tough time from the outside over the last few days. YOu had to have had a number of questions you could not get answered. The other side of the trade? Putnum can tell you. He's the top dog at TerraNova. Let's see what answer we get. When you deal with those who appear "rational and urbane" you gotta throw some hard stuff at them to get them to show who they are and what they know. And then you find the truth and compare notes. Crack a smile,Tom. Everything is cool. Shoot

To: tom pope who wrote (2841)	12/20/1998 10:18:00 AM
From: JerryPutnam	Read Replies (6) \| Respond to of 7382

If you are wondering who was on the other side of your 24 1/2 stock, here are the details from your trade. Matching Orders Your first order was submitted by you than canceled by you. Order Information for Order# 043a-02ca-0006-00 Date and Time Domain User Symbol Order Number Nasdaq ID Description of Event 12/18/98 11:13:24 AM MBT TPOPE USWB 043a-02ca-0006-00 ReceivedCustomerOrder: Sell 1000 USWB at 25 1/64 on ARCA 12/18/98 11:13:36 AM MBT TPOPE USWB 043a-02ca-0006-00 Received Customer Cancel 12/18/98 11:13:36 AM MBT TPOPE USWB 043a-02ca-0006-00 Order Killed Now here is the trade in question. Order Information for Order# 043a-02ca-0007-00 Date and Time Domain User Symbol Order Number Nasdaq ID Description of Event First attempt went to MM ROCK. No luck, time spent 9 seconds. Look at the first 2 entries below. Order received at 11:13:54, order sent at 11:13:54, less than 1 second. 12/18/98 11:13:54 AM MBT TPOPE USWB 043a-02ca-0007-00 ReceivedCustomerOrder: Sell 1000 USWB at Market on ARCA 12/18/98 11:13:54 AM MBT TPOPE USWB 043a-02ca-0007-00 SendOrder: Symbol=USWB, MktMaker=ROCK, OrderID=TMP-7576-043a-001d-0366-00, Price=25, Vol=1000 12/18/98 11:13:55 AM MBT TPOPE USWB 043a-02ca-0007-00 1A7BA ReceiveOrderID: OrigID=TMP-7576-043a-001d-0366-00 Symbol=USWB MktMaker=ROCK -> NasdaqID 1A7BA 12/18/98 11:14:03 AM MBT TPOPE USWB 043a-02ca-0007-00 1A7BA ReceiveCancel: ID=1A7BA Symbol=USWB MktMaker=ROCK Second attempt, no trade, time spent 34 seconds. However notice ARCA turnaround time is milliseconds. Look at the time ARCA got the cancel above. Compare it to the time it took ARCA to send the next order below. We tried again at 7/8. Look at vol sent it's still 1000 shares. 12/18/98 11:14:03 AM MBT TPOPE USWB 043a-02ca-0007-00 SendOrder: Symbol=USWB, MktMaker=CRUT, OrderID=TMP-7579-043a-001d-0366-00, Price=24 7/8, Vol=1000 12/18/98 11:14:03 AM MBT TPOPE USWB 043a-02ca-0007-00 1A80D ReceiveOrderID: OrigID=TMP-7579-043a-001d-0366-00 Symbol=USWB MktMaker=CRUT -> NasdaqID 1A80D 12/18/98 11:14:37 AM MBT TPOPE USWB 043a-02ca-0007-00 1A80D ReceiveCancel: ID=1A80D Symbol=USWB MktMaker=CRUT Third try, ISLD no luck, time spent approx. 1 second by ISLD. Price at inside is now 3/4. Turnaround time less than 1 second. 12/18/98 11:14:37 AM MBT TPOPE USWB 043a-02ca-0007-00 SendOrder: Symbol=USWB, MktMaker=ISLD, OrderID=TMP-7594-043a-001d-0366-00, Price=24 3/4, Vol=1000 12/18/98 11:14:38 AM MBT TPOPE USWB 043a-02ca-0007-00 043a-0007-025a-00 ReceiveOrderID: OrigID=TMP-7594-043a-001d-0366-00 Symbol=USWB MktMaker=ISLD -> NasdaqID 043a-0007-025a-00 12/18/98 11:14:38 AM MBT TPOPE USWB 043a-02ca-0007-00 043a-0007-025a-00 ReceiveCancel: ID=043a-0007-025a-00 Symbol=USWB MktMaker=ISLD Look, ARCA turnaround is still under 1 second. Now we try MM HDLY at 3/4. He gives you 100 shares, it took him 22 seconds to respond. 12/18/98 11:14:38 AM MBT TPOPE USWB 043a-02ca-0007-00 SendOrder: Symbol=USWB, MktMaker=HDLY, OrderID=TMP-7596-043a-001d-0366-00, Price=24 3/4, Vol=1000 12/18/98 11:14:39 AM MBT TPOPE USWB 043a-02ca-0007-00 1A99A ReceiveOrderID: OrigID=TMP-7596-043a-001d-0366-00 Symbol=USWB MktMaker=HDLY -> NasdaqID 1A99A 12/18/98 11:15:00 AM MBT TPOPE USWB 043a-02ca-0007-00 1A99A ReceiveFill: ID=1A99A MktMaker=HDLY Symbol=USWB: Sell 100@24 3/4 12/18/98 11:15:00 AM MBT TPOPE USWB 043a-02ca-0007-00 Traded 100 @ 24 3/4 with HDLYEXT 12/18/98 11:15:12 AM MBT TPOPE USWB 043a-02ca-0007-00 1A99A ReceiveCancel: ID=1A99A Symbol=USWB MktMaker=HDLY The remaining 900 is sent to REDI. Turn around on ARCA still milliseconds. REDI must have moved up to to 7/8's, look at the price ARCA sent them. WE ARE TRYING TO GET YOU THE BEST INSIDE PRICE, I PROMISE. REDI gives you 300 at 7/8. 12/18/98 11:15:12 AM MBT TPOPE USWB 043a-02ca-0007-00 SendOrder: Symbol=USWB, MktMaker=REDI, OrderID=TMP-7600-043a-001d-0366-00, Price=24 7/8, Vol=900 12/18/98 11:15:13 AM MBT TPOPE USWB 043a-02ca-0007-00 1AAB3 ReceiveOrderID: OrigID=TMP-7600-043a-001d-0366-00 Symbol=USWB MktMaker=REDI -> NasdaqID 1AAB3 12/18/98 11:15:16 AM MBT TPOPE USWB 043a-02ca-0007-00 1AAB3 ReceiveFill: ID=1AAB3 MktMaker=REDI Symbol=USWB: Sell 300@24 7/8 12/18/98 11:15:16 AM MBT TPOPE USWB 043a-02ca-0007-00 Traded 300 @ 24 7/8 with REDIEXT 12/18/98 11:15:16 AM MBT TPOPE USWB 043a-02ca-0007-00 1AAB3 ReceiveCancel: ID=1AAB3 Symbol=USWB MktMaker=REDI Now we look at best inside again and ISLD is there. We send your order, again ARCA turnaround is less than 1 second. No luck. Time spent on ISLD approx. 1 second. 12/18/98 11:15:16 AM MBT TPOPE USWB 043a-02ca-0007-00 SendOrder: Symbol=USWB, MktMaker=ISLD, OrderID=TMP-7601-043a-001d-0366-00, Price=24 1/2, Vol=600 12/18/98 11:15:17 AM MBT TPOPE USWB 043a-02ca-0007-00 043a-0007-025b-00 ReceiveOrderID: OrigID=TMP-7601-043a-001d-0366-00 Symbol=USWB MktMaker=ISLD -> NasdaqID 043a-0007-025b-00 12/18/98 11:15:17 AM MBT TPOPE USWB 043a-02ca-0007-00 043a-0007-025b-00 ReceiveCancel: ID=043a-0007-025b-00 Symbol=USWB MktMaker=ISLD Turn around less than 1 second for ARCA. Now MM BEST is at the inside which is now 24 1/2. We send him 600, the mighty Bear Sterns responds with 100 shares. Taking 3 seconds. 12/18/98 11:15:17 AM MBT TPOPE USWB 043a-02ca-0007-00 SendOrder: Symbol=USWB, MktMaker=BEST, OrderID=TMP-7602-043a-001d-0366-00, Price=24 1/2, Vol=600 12/18/98 11:15:18 AM MBT TPOPE USWB 043a-02ca-0007-00 1AAE8 ReceiveOrderID: OrigID=TMP-7602-043a-001d-0366-00 Symbol=USWB MktMaker=BEST -> NasdaqID 1AAE8 12/18/98 11:15:20 AM MBT TPOPE USWB 043a-02ca-0007-00 1AAE8 ReceiveFill: ID=1AAE8 MktMaker=BEST Symbol=USWB: Sell 100@24 1/2 12/18/98 11:15:20 AM MBT TPOPE USWB 043a-02ca-0007-00 Traded 100 @ 24 1/2 with BEST*EXT 12/18/98 11:15:51 AM MBT TPOPE USWB 043a-02ca-0007-00 1AAE8 ReceiveCancel: ID=1AAE8 Symbol=USWB MktMaker=BEST 500 hundred to go, ISLD new inside mkt 24 9/16 bid. Turnaround less than 1 second on ARCA. ISLD takes approx. 1 second to decline our order. 12/18/98 11:15:51 AM MBT TPOPE USWB 043a-02ca-0007-00 SendOrder: Symbol=USWB, MktMaker=ISLD, OrderID=TMP-7608-043a-001d-0366-00, Price=24 9/16, Vol=500 12/18/98 11:15:52 AM MBT TPOPE USWB 043a-02ca-0007-00 043a-0007-025d-00 ReceiveOrderID: OrigID=TMP-7608-043a-001d-0366-00 Symbol=USWB MktMaker=ISLD -> NasdaqID 043a-0007-025d-00 12/18/98 11:15:52 AM MBT TPOPE USWB 043a-02ca-0007-00 043a-0007-025d-00 ReceiveCancel: ID=043a-0007-025d-00 Symbol=USWB MktMaker=ISLD New inside mkt, 24 1/2 MM MASH. Turn around time for ARCA less than 1 second. MASH completes your 500. Mystery solved, MASH and BEST bought the 24 1/2 stock. 12/18/98 11:15:52 AM MBT TPOPE USWB 043a-02ca-0007-00 SendOrder: Symbol=USWB, MktMaker=MASH, OrderID=TMP-7609-043a-001d-0366-00, Price=24 1/2, Vol=500 12/18/98 11:15:53 AM MBT TPOPE USWB 043a-02ca-0007-00 1AC58 ReceiveOrderID: OrigID=TMP-7609-043a-001d-0366-00 Symbol=USWB MktMaker=MASH -> NasdaqID 1AC58 12/18/98 11:15:58 AM MBT TPOPE USWB 043a-02ca-0007-00 1AC58 ReceiveFill: ID=1AC58 MktMaker=MASH Symbol=USWB: Sell 500@24 1/2 12/18/98 This is an extreme example of a tough trading situation. We did what we promised to do, we sent your order to the best inside market. I do not control the execution time on the other side. This is how NASDAQ works. We along with several competitors, like ISLD, REDI, BTRD, ATTN would like to see things change. Look at how fast ECN's respond -vs- MM's. Less than 2 years ago there were no ECN quotes in NASDAQ for you trade with.

Copyright/IP Policy

Advertise on SI

© 2025 Knight Sac Media. Data provided by Twelve Data, Alpha Vantage, and CityFALCON News