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

To: Paul K who wrote (1783)	1/29/1999 12:11:00 PM
From: William W. Dwyer, Jr.	Read Replies (1) \| Respond to of 3216

Yes, Paul, you can set Smart Keys to first select ISLD (direct), then other ECN's, then all others. All of these are basically SNET orders with 10-second minimums. Once you put in an order, you're stuck with it for at least 10 seconds before you can change it. In most cases, though, the Smart order initiates as a SNET order to a MM and just sits there, going from one MM to another, basically being ignored. And each order takes 10 seconds minimum....so the stock can uptick through many price levels before you find a counterparty who wants your order. Tough way to enter a trade. And then there's the exit, with same scenario.

To: Paul K who wrote (1783)	1/29/1999 12:17:00 PM
From: wily	Read Replies (1) \| Respond to of 3216

Bill, what do you see as the advantages to the Cyber system? You've been sounding kind of negative lately. I just started at MB a few weeks ago and, though I don't trade heavily--mostly positions--I've used ARCA a few times and it has performed well. It's real convenient for consolidating orders. Say if there's two quotes at the high bid, each for 500 shares, I can sell 1000 on ARCA on one ticket. I haven't tried ARCA in extremely fast conditions, but from what I've seen in level II it looks like you could get passed by. It's hard to say without having tried it. I don't see why Cyber couldn't come up with something like ARCA. Basically it's a very ingenious invention. I know Scanshift has had a lot bad to say about it, but that reflects on the owners and the use of it, not the basic idea. It may not be good for Cyber's bottom line since it would mean potentially fewer tickets, but OTOH they have to keep up with the competition or they could lose customers. Thanks for your thoughts, wily Edit: Post intended for Bill Dwyer, sorry Paul.