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

To: funk who wrote (2859)	12/19/1998 2:29:00 PM
From: Dan Swartzendruber	Respond to of 7382

Thanks, funk! Good examples. I think I see what you're getting at, but I need to reread these a couple of times.

To: funk who wrote (2859)	12/19/1998 2:35:00 PM
From: ArtAlley	Read Replies (1) \| Respond to of 7382

Question: if I am using MB Trading...do I have to direct my trade to Arca etc...or is this done automatically?

To: funk who wrote (2859)	12/19/1998 3:56:00 PM
From: wily	Respond to of 7382

>>or finally ... getting a partial and then getting bumped by an MM locking the market against you, ie he dropped the offer down to an 1/8. Your order is not supposed to cancel in that situation. It happened to me a few times and I've seen it happen in some situations and not happen in others. I finally got curious enough to call Nasdaq (my broker couldn't/wouldn't help me) and they told me to call Island. Island said it shouldn't happen--that they don't have any such mechanism that gives MM's prededence if you were there first. We compared records for what time the orders were entered and their records showed that my order got to them simultaneously with the MM's while my records showed a 30 second discrepancy with theirs.

To: funk who wrote (2859)	12/19/1998 5:13:00 PM
From: Nazbuster	Respond to of 7382

funk, I'm not yet on a direct entry system, but I'm trying to get prepared. Thanks for the great examples in detail. I have some trouble understanding exactly what a "locked" market situation is, however: Example ONE: The bid is a 1/16 the offer is 1/8. You see on the offer ISLD with 400 shares and an MM with 200. You route an order to buy 500 @ 1/8 through ISLD. Result, split second fill and confirmation of 400 shares and the remainder is killed as it would lock the market. Here, it seems after filling the 400shares, your remaining 100sh should become ISLD's best bid at 1/8. Why is this not permitted? Are you saying ISLD can never show a bid equal to or above an MM's ask? What about the other ECN's? P.S. Just found this as the explanation: #reply-6901055