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To: Esteban who wrote (10655)	12/19/1998 2:23:00 PM
From: Morpher	Read Replies (1) \| Respond to of 16892

Does this mean you can attempt price improvement narrowing the inside spread with a limit order Selectnet broadcast? Yes, I don't see any advantage of using it instead of a "normal" ECN like Island unless your order is very large, though. If so, who represents the order on Level II? SelectNet is an ECN that is not linked to Nasdaq's quote montage so the broadcast is not automatically displayed on Level II. However, when MM's use it, they have to reflect the improved price in their own quotes.