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

To: Tim Luke who wrote (3212)	1/9/1999 10:37:00 AM
From: wily	Read Replies (2) \| Respond to of 7382

Watley ARCA is not the same as MB ARCA. Since Watley is not a TNT branch you are not offered use of the TNTO ECN on the passive side. Example: If the ask side is: 10 1/8 500 10 1/4 2000 and you enter your ARCA order to buy 1000 at 10 1/8, at Watley you will get a 500 fill and the remainder will stay live but not displayed. At MB you will get a 500 fill and then you will be displayed as the BID on TNTO for the remaining 500 (this is what I mean by the "passive side"--you are displayed, waiting to be hit, rather than hitting an existing quote). wily