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To: Esteban who wrote (11405)	4/1/1999 3:16:00 PM
From: The Vet	Respond to of 16892

Sorry I have been slow getting back to you but I have been on the road. In answer, my explanation was not clear and yours was better. I place the order to be just "not marketable" either a 1/32 higher than the present ask for a sell or 1/32 under the bid for a buy. This order will go immediately on to Island. An inside price (either buy or sell) will go to the MM if a match is not available on Island and will take a lot longer. You are right on the split order where part is on Island but what I didn't explain is that I often buy or sell these at slightly different prices. The "match" to Island and the balance just outside the market price as I explained before. If you do not do this the "balance" of the split order can vanish into the MM's book and you lose track of it for several minutes.