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

To: Stryker who wrote (2230)	3/29/1999 7:59:00 PM
From: Brentsky	Read Replies (1) \| Respond to of 3216

Good post Mark!!! We could all go on JD's thread and post our responses, but if he doesn't like what you say he reports you to the SI gestapo and they delete your posts. Two of my posts were deleted this morning for being too personal. I wish somebody would tell me what JD is being to you. Keep up the good work!!! Brentsky

To: Stryker who wrote (2230)	3/29/1999 8:49:00 PM
From: kaz	Read Replies (1) \| Respond to of 3216

"Please feel free to contact us if you have any questions or need additional clarification on any details." Are you sure it's such a good idea to extend an invitation to this nut? He might take you up on that. JD, I invite you to call WebStreet Securities. I can think of no better way to screw them than to have you as a customer (I wonder if they can sue me for malicious intent). Paul Kaz BTW, I'm copying every damn message I post now so if they're deleted I can merely post them again (sorry folks).

To: Stryker who wrote (2230)	3/30/1999 4:09:00 AM
From: JDTrader	Read Replies (4) \| Respond to of 3216

While the paid mob continues to re-live the memories of the glory that never existed, marching around and claiming victory for conquering imaginary battle grounds at the expense of denying the truth as well as their own financial loss, I appreciate your comments and only wish that others would take a moment to study your response and realize what an intelligent and responsive comment looks like. I am hopeful that perhaps then it will become apparent to them why some of their earlier comments were deleted--notwithstanding their latest postings that prove otherwise. Now, turning to your response, I have to say that you have left out a very important part of my example. My example also provided for the following fact: You are trying to sell 1000 shares of Amazon and THE LEVEL II WINDOW SHOWS: 125 BID BY 125 1/8 ASK The Island book look like this Bid ** Ask $120 300 $122 600 $118 500 $123 1000 117 1/4 600 ** $124 5000 This is what all programs allow you to do. You enter an Island order to sell 1000 shares at 117 for example. The Island book will start at the top of the book and fill you as following: 300 at 120, 500 at 118 and 200 at 117 1/4. You are OUT of your position. Cybertrader, however, will reject your order and says that you were locking the island book because your selling price is lower than the inside bid. I would welcome your response as to what the present version of cyberbroker that is used by all your customers will do in the above example.

To: Stryker who wrote (2230)	4/2/1999 1:03:00 AM
From: Dan Duchardt	Respond to of 3216

I've read all the responses that have followed this message, including the restatement by JD that includes the missing inside market information, and one response that echoes my bewilderment at the scenario with the inside market 3 points out of step with the Island book. I'm coming back to this question to get some clarification about ISLD and the CyberTrader interface. I really want no part of the slings and arrows; I declare my neutrality. To avoid the issue of the curious inside market in the example, lets change it to a more probable 121 x 121 1/8 to go along with the Island book at: Bid ** Ask $120 300 $122 600 $118 500 $123 1000 117 1/4 600 ** $124 5000 For a time I was trading on a system that would in fact reject a limit order to offer on ISLD at $117 because that system checked all orders for cross or locked conditions, based purely on the inside market, rather than letting the ECN resolve the order internally. That system simply would not pass the $117 order to ISLD. On this point at least, JD's generalization is not correct. There are other systems that would reject such an order. The system would, however, allow a SNET order preferenced to ISLD, with the downside of only getting executed for the number of shares at the inside of the ISLD book, in this case the 300 at $120. Even if I was willing to sell lower, ISLD would only execute the 300 and cancel the rest of my order. Or worse, if before my order hit ISLD someone posted an ISLD bid for 1 share at 120 1/2, I would sell 1 share and watch in horror as the market ran away before I could reload an order. The clarification I would like is what would happen if I place an order in CyberTrader to offer 1000 shares on ISLD at $118 1/2 instead of $117. Would I get 300 @ $120 with the balance of my order cancelled, or would I get nothing because part of my order was not executable, and could not be posted without crossing the market? And what does happen to a SNET order preferenced to ISLD if the top bid in the ISLD book does not fill my order? Does it get filled as far down as my limit price, or do I just get the top order in the queue. Is there any reason (such as fees) why, if I was using CyberTrader, I would want to send a SNET pref to ISLD or some other ECN instead of posting a limit order hoping to get crossed internally. Thanks in advance.