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

To: funk who wrote (2904)	12/20/1998 1:47:00 PM
From: scanshift	Respond to of 7382

A post that touches on ARCA from the respected firm of Yamner and Steve Goldman. To: scanshift (3986 ) From: steve goldman Friday, Dec 18 1998 7:21AM ET Reply # of 3995 Morning! With a limit order to buy 3 points below the market, I would probably put the order on ISLD. It cant trade through you. (well actually it can, on any ECN, market makers can always start filling sell orders below the bid if the bid is inconsequential; they can also lock it after 30 seconds of futile attemps to get a fill), but ISLD has several advantages. 1) its cheap, 2) its fast 3) they do a fair amount of volume. Would I go to a report, to find out which ECN does the most AMZN volume? No. I guarantee you that when AMZN hammers down those 3 points, and you see bids by ISLD and INCA and REDI, most likely all three will get taken out. For the seller, hitting your bid, they pay ECN fees if they are accessing the ECn system directly or through SNET, so I dont think anyone wants to use the more expensive ECNS. My top choice for ECN routing is ISLD. Scan, re: ARCA, I don't use them because I simply find ISLD, REDI, INCA more accessible. Regards, Steve@yamner.com

To: funk who wrote (2904)	12/20/1998 1:58:00 PM
From: scanshift	Read Replies (1) \| Respond to of 7382

Unfortunately, the feedback I hear is that once they did their due diligence on Jerry Putnam and his track record, things do not look so good. Remember this was a rumor, not a fact. But since I am still involved with these individuals, I checked it out. I guess when they look at declining volume figures, other conflicts of interest that Putnam brings to the table, along with a fradulent application for the Archipelago ECN, they realized that there are other options for them. For example, look at how Bear Stearns and Salomon Brothers, Nikko and others joined to start the Strike ECN from scratch. Any credible, closer examination of ARCA's reputation and its principals, would leave major firms scared of it. A strong rumor, however, deserves closer investigation.