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

To: JerryPutnam who wrote (2890)	12/20/1998 10:33:00 AM
From: tom pope	Read Replies (1) \| Respond to of 7382

Hello, Jerry, thanks for the explanation. As you know, I wasn't referring to the first order that I cancelled, but to the second one. Your detailing of the events is consistent with mine, which is not surprising since I took mine from the OES. Thank you for spending all that time getting the actual details. I think I've learned something from the incident and will use ARCA more intelligently in the future. Best Tom

To: JerryPutnam who wrote (2890)	12/20/1998 11:47:00 AM
From: Kimberly Lee	Read Replies (1) \| Respond to of 7382

A very detailed and educational anatomy of the trade, thank you, Jerry. It is this kind of facts and trails of unassailable evidence that shred malicious slanders into pieces. <<We along with several competitors, like ISLD, REDI, BTRD, ATTN would like to see things change. >> REDI is Troster's book. Doesn't that imply a conflict of interests for SLK? What about Brass, my favorite? Thanks again, I find your posts informative, truthful and insightful -- a decided asset in the SI community and a tribute to your profession. Kimberly

To: JerryPutnam who wrote (2890)	12/20/1998 11:49:00 AM
From: Sword	Read Replies (1) \| Respond to of 7382

Jerry: Excellent post. Very instructive. Thanks for the time you spent putting it together. I believe that no human could have canceled and resubmitted the orders in as speedy a way as ARCA. You point out the real limitation is the fact that we are all under the NASDAQ rules which give MM's too much time to respond and thus the opportunity to screw us. This isn't the fault of ARCA, it is the fault of NASDAQ which is clinging to an antiquated system of rules. The only improvement I would like you to consider is automating the cancellation process so that it is not fixed in time but responds to bids on an ECN showing up above the offer price prior to the 30 seconds by immediately cancelling and resubmitting at that price. Regards, -Sword

To: JerryPutnam who wrote (2890)	12/20/1998 1:05:00 PM
From: Jay Lyons	Respond to of 7382

Jerry- Don't know if it's doable, but I would like to offer an addition to the tools that I use at MB which I think any trader would be able to profit by. I trade gaps, so I know at what price I want to buy and sell. I would love to have the order screen configured so that I could have several trades pre-entered...if the stock hits my number on my minder, I wouldn't have to drag it to the market maker window, double click bid or ask, hit the buy or sell, and hit comfirm. If I could pre-load multiple orders, then I could just click them, click confirm, and move on. This would also come in handy when you have several orders open, and a market-wide sell program hits and I want to exit everything. Any chance? Jay

To: JerryPutnam who wrote (2890)	12/20/1998 6:49:00 PM
From: Nazbuster	Respond to of 7382

Jerry, Thanks for the great post tracking a trade through ARCA. I'm still getting educated about the ECNs and trading techniques prior to my choosing a trading firm. Your openness and willingness to respond speaks highly of you and MBT. Based upon the comments I've read here, though, it seems it would be useful for traders using RT3 to have an ability to hit a "NEXT" button rather than cancel an order when an MM is sitting on an order too long. Given the great information in your trading log, couldn't you display this status in a window with a "next" button on each piece of the order, so a trader could force the partial cancel of just that piece of the order so it could be routed to someone else without waiting the full 30 seconds? Example: [---------------------------------------------------] \| ORDER TRADED REMAINING Command \| \| 1000 USWB 0 1000 => CANCEL <= \| \| \| \| SH WHO PRICE Command Time waiting \| \| 300 ISLD 24 3/4 => NEXT <= 1 second \| \| 500 BEST 24 3/4 => NEXT <= 16 seconds \| \| 200 ROCK 24 13/16 => NEXT <= 5 seconds \| [---------------------------------------------------] Is something like this possible?

To: JerryPutnam who wrote (2890)	1/8/1999 10:01:00 AM
From: JerryPutnam	Respond to of 7382

Does anyone really think the due diligence process preceding ETrade and Goldman's investment in Archipelago was not extensive? I am very proud to be part of this transaction. The transaction was based on lots of factors including the character of the management and technology team. Archipelago intends to invest in its business and make it a better place to trade. I believe our volume will grow and our customer base will continue to diversify. Diverse order flow is good for active traders. Additional volume on our system will mean faster fills, because we won't need to preference market maker's as often. Just in case there is any confusion, the alliance between ETrade, Goldman and Archipelago does not change the way Archipelago conducts its business. ETrade and Goldman don't get special treatment in the order process. Our business principles are the same, the customer is king. The first order in gets filled first, no one looks at or trades against your orders. You go one-on-one with or against the other participants. I have stated this principle in writing to the Securities and Exchange Commission, if I deviate from it I would be risking everything I have worked so hard for. ETrade and Goldman, Sachs believe in this principle as well, that's why we are partners in Archipelago. Archipelago has been smashing volume records all week long, I thank everyone of you who participated in our success. I promise I will not let you down.