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

To: Dan Duchardt who wrote (2287)	4/11/1999 10:35:00 PM
From: Chas	Respond to of 3216

Dan, Sorry, I sit and watch ECN and SelecNet orders with same security on same side of market after SOES without five minute wait. I quoted the page number in The Electronic Day Trader. Read it for yourself. To: steve goldman From: Chas Thursday, Jan 7 1999 11:30PM ET Reply # of 4441 Question? What is the correct interpretation of the SOES five minute rule? The Electronic Daytrader by Marc Friedfertig says SOES trades do not affect another trade on same side of market with SelectNet or ECN's. Otherwise you can buy DELL with SOES and still buy DELL with SN or ECN without waiting five minutes. Michael Turners' DayTrading into the Millennium says you can not make another trade on same side of market by any means for five minutes. I believe MB Trading (Real Tick III) and Broadway Trading Group (The Watcher) do not restrict you with SN or ECN's. TradeCast and CyberTrader do restrict you. Please correct if I am wrong. Subject: From the Trading Desk To: Chas From: steve goldman Jan 8 1999 2:49AM EST Reply #4062 of 4441 Chas, To be honest, I asked the NASD for a clarification several weeks ago on that very same question and haven't gotten an answer. we haven't come to a determination but chose to rather aaboid so in those situations. We have auto fill systems from several market makers so in any circumstance where a client does more than one trade in a stock, we try to avoid SOES altogether. Some clients you just know they arent buying more. Nonetheless, we use SOES for fewer than 1% of all our trades. THere are simply too great alternatives amongst the 24 other execution systems we have available on our trading desk. When I hear something from the NASDAQ, I will let you know. Regards, Steve@yamner.com