Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Level II Trading -- Ignore unavailable to you. Want to Upgrade?

To: Apakhabar who wrote (1004)	4/9/1999 12:52:00 PM
From: Dave Hanson	Read Replies (1) \| Respond to of 1086

I think my LII is faulty--any diagnostic advice most appreciated. I'm using tradescapes LII service (free promo--I know, you get what you pay for <g.>) On small caps like ACEC, NCES, and CBXC, it has shown many prints above and below the spread (mostly above) that aren't showing up on Datek or FRT's quotes, either the last trade or volume. Other than these out of the spread trades, I can't see discrepencies. I don't see how this could be happening unless tradescape is showing lots of non-existent prints. I'm new to this, though, and could be completely off. Would welcome any advice. Regards, Dave

To: Apakhabar who wrote (1004)	4/13/1999 10:47:00 PM
From: Dan Duchardt	Read Replies (1) \| Respond to of 1086

A "short" answer to your question: trades on NASDAQ stocks are not always reported in sequence, and may be executed by means other than SOES that are not always reflected in Level II. My recollection of the details may be faulty, but I believe the requirement is to post a trade within 90 seconds of execution. SOES trades are automated, so they get reported immediately, but block trades like 2000 shares and 6000 shares might very well have been handled on the telephone from one or brokerage/MM to another. They might have been executed between MMs/brokers or via ECNs who are not at the inside market, and even if they involve MMs at the inside market, they might have no effect on the published quotes. "Prints" (reported trades) frequently occur outside of the current inside market, and for trades that are handled manually, the reports often appear out of sequence with the automated reports. There are numerous scenarios that could explain what you observed.