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

To: wily who wrote (1789)	1/29/1999 2:17:00 PM
From: William W. Dwyer, Jr.	Read Replies (2) \| Respond to of 3216

Hi, Wily Thank you for the nice explanation of ARCA. It sounds very similar to CyBer's Smart keys, in that it gets you filled wherever and however it can. CyBerSmart keys will let you pre-select how your order is routed and will hit the ECN's and MM's in the sequence you specify. It is neat, but only in fairly stable stocks, not the particularly fast-moving ones, in my experience. However, whereas in your example you only got partially (mostly) filled on ARCA and your remainder was displayed at a TNTO bid, I don't believe that's the case with CyBer's Smart keys. If you don't get filled on the "offer" side, I don't think anything is displayed for you on the "bid" side. I may be wrong, may not fully understand it, but I believe that's the way it works. So, in that respect, if my understanding is correct, your ARCA may have some slight advantage, but not in a fast-rising stock because no one would be selling to you at the bid in such a case, most likely. The problem seems to me to be that these SNET orders cannot be cancelled for a minimum of 10 seconds, and these stocks don't stay in one price level that long, so you keep chasing the price up and up through more levels before finally getting filled at the top. Finding a faster, easier way to use ISLD to buy at the ask and sell at the bid is one answer. By the way, I just noticed that in CyBer's "demo mode," one has the ability to lock or cross the market with ISLD. Not very realistic. It's difficult to really experiment in Demo Mode because it allows you to do lots of things you could never do in a real market. I understand your reluctance, Wily, to experiment with ARCA in a fast market. Wise decision. Bill