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

To: bobby is sleepless in seattle who wrote (4066)	2/26/1999 9:20:00 AM
From: CynicalTruth	Read Replies (1) \| Respond to of 7382

Gotta Datek account... that's why I'm trying MB. Pro's and con's to both....

To: bobby is sleepless in seattle who wrote (4066)	2/26/1999 5:10:00 PM
From: funk	Read Replies (1) \| Respond to of 7382

and you will more than likely get filled with market orders regardless of best mm/ecn market orders? YIKES! I may go the rest of my life without ever using a market order. funk

To: bobby is sleepless in seattle who wrote (4066)	2/27/1999 1:46:00 PM
From: brec	Read Replies (1) \| Respond to of 7382

No broker accepts market orders for ISLD because Island, as an ECN, is a limit order book. That's all it is: it's not a market maker nor specialist. It can post limit orders and can match incoming limit orders with ones previously posted on the opposite side. It would be theoretically possible for an ECN to accept a market order, which would take out as many orders on the other side as required to fill the incoming order (or to provide a partial fill after all orders on the other were taken out). But no responsible broker would enter such an order for a customer, nor would any sane trader enter such an order for himself, because there would be no way of assuring a fill anywhere near the price of recent trades. There could be large price gaps on the order book. The basis of market orders is a source of liquidity, such as a market maker or specialist, which will step in when the order book can't fill the order at "reasonable" prices.