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

To: William W. Dwyer, Jr. who wrote (1788)	1/29/1999 1:07:00 PM
From: wily	Read Replies (1) \| Respond to of 3216

>>By the way, what does "OTOH" mean? << It is simply the favorite expression of wishy-washy people: On the other hand. I run out of hands way to quickly. You are forced to learn to juggle <g>. ARCA simply buys (or sells) everything within reach of your price limit, up to the size of your order, and then if you still have unfilled size, it displays you for the remainder at your limit. Example: Buy 3000 EWBX @ 55 Level II at the time you place your order looks like this: Bid Ask ISLD 54 1/2 1000 ISLD 54 3/4 500 . INCA 54 3/4 1000 . MASH 54 3/4 200 . NITE 54 7/8 500 . SHWD 55 200 . MLCO 55 1/8 1000 When you click to send your order for the 3000 shares ARCA will start picking off what's available, starting with the immediate-execution ECN's, then going to INCA which is not quite as immediate, and then the MM's. So you will get filled for the 2400 shares that are at or below your bid of 55 and then the remaining 600 shares will be displayed on the bid as TNTO @ 55. Regarding speed, I haven't used it enough to remember, but I think the Island and other shares get picked off pretty fast, and MM's only take a few seconds. I've noticed MB's preferenced SNET fills are a few seconds faster than they were at Watley. And I add the disclaimer that these speeds are in a sedate market where you are getting what you wanted. It works when the market isn't churning, but I think there is a chance that you get held up waiting for MM execution in fast markets and possibly get screwed really bad. Very similar sounding to your "smart keys". Re: "Try it in a fast market and tell me how it works". Don't know if I'm that bold or that rich. Fast markets I think you're better off with Island, as long as there is liquidity there. I'm timid enough of fast markets that I doubt I would experiment with ARCA there. wily