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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Stefan who wrote (50050)	3/5/1999 11:32:00 PM
From: Don Lloyd	Respond to of 132070

(...It's Datek but I have checked against Schwab and got the same quote...) Using two other data sources, I saw MU gradually shift over several minutes from having the ask about 3 below the bid to finally being above the bid. It is what would happen if the electronic pipe carrying the ask quotes was more overloaded and delayed than that carrying the bid quotes or if there were more ask quotes than bid quotes and the older ask quotes had to be flushed from the system. Definitely unusual. Regards, Don

To: Stefan who wrote (50050)	3/6/1999 11:22:00 AM
From: John Dally	Read Replies (2) \| Respond to of 132070

>>For the put on MU I have a print out of bid and ask at the same price and it stayed there for several minutes (more than 10).<< Hi Stefan, There are two markets for MU options, the Chicago (C) & the Pacific (P) exchanges: cboe.pcquote.com Schwab shows you the highest bid and the lowest ask prices regardless of where they comes from. For example if Chicago is 3 x 3 1/16 and the Pacific is 2 15/16 x 3, what you'll see is 3 x 3. Unfortunately, when you enter an order, it goes to a default exchange, not to the exchange with the highest bid or the lowest asking price. For example, if you enter your order to buy at the ask (3 in the example above), and it get's routed to the Chicago exchange, your order will not go through. You'll have to call up Schwab and have them cancel the original order (which went to Chicago) and have them route a new order to the exchange with the lowest asking price (the Pacific). To sum it up, it's a pain in the a$$! Hope this makes sense, John.