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

To: Tim Luke who wrote (3050)	1/4/1999 8:31:00 PM
From: wily	Read Replies (2) \| Respond to of 7382

Yes, charity--namely Terra Nova Trading, LLC. (That one's for you Scanshift <g>) No, seriously. The first thing that comes to mind is consolidating a lot of shares at different prices and through different MM's and ECN's onto one ticket. Why do you think Watley introduced ARCA into their system without any kind of announcement? Because it would threaten their ticket totals. The other benefit is strategic. You think a stock has about had it at a particular level and that the availabe shares are going to be gobbled so you pre-empt and place an ARCA order a step or two above the ask. Optimally you get your fills before everyone else. There was a post by Rick Faurot about a month ago with an excellent example of this Message 6665160 Problem is, ARCA is only as fast as the slowest MM wants to be. If you have a view of both the Island and ARCA books, you make your choice on the basis of which has the most liquidity. Most heavily daytraded stocks, I would think Island is going to be the choice. Using ARCA through Watley has the added disadvantage that you don't get displayed if your order is between the spread, whereas with MB you show up as TNTO.