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

To: LUANNE CLAY-RUSSELL who wrote (3045)	1/4/1999 8:06:00 PM
From: Kimberly Lee	Read Replies (2) \| Respond to of 7382

Luanne, If you place your orders via ECN(ISLD, REDI, BTRD, BRUT, etc.), you will see your order represented instantly on level 2 (INCA takes a little longer, being a slow ECN) IF AND ONLY IF you are the inside market. For example: INTC GSCO 10 117 BEST 10 117 1/4 if you are offering on ISLD at this point, your offer must be equal or less than 117 1/4 (but higher than 117) to be represented on level 2. If you are not the inside market, then your order will stay in the ECN book until such time your limit order becomes so. Of course, while your order is still in the ECN book, there is the chance that someone will be bidding on ISLD above the offer, in which case his bid could have taken out your order without having it ever represented on level 2. I don't know whether Whatley has direct access to place bid/offer (not just lifting orders thru SelectNet) on RediPlus, Brass and the rest. If not, your order will access the selected ECN via SelectNet, and you won't see it represented on level 2.