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Strategies & Market Trends : From the Trading Desk -- Ignore unavailable to you. Want to Upgrade?

To: steve goldman who wrote (4541)	5/24/1999 11:51:00 AM
From: Eric P	Read Replies (1) \| Respond to of 4969

Steve: I have a question regarding the SuperDOT system for NYSE stocks. Assume that AOL is trading at 120 bid, 120 1/4 offered. Further review indicates that the best NYSE quotes are 120 bid, 120 3/8 offered. ==> The best offer in the stock of 120 1/4 is quoted on a regional exchange. The question... If I place a 'marketable' limit order on the SuperDOT to buy 1000 shares of AOL at 120 1/4, would I expect to be immediately filled by the regional exchange at the inside ask, or would the order be routed only to the NYSE specialist, who would update their quote to 120 1/4 bid, and 120 3/8 offered, thus locking the market with the existing regional ask at 120 1/4? Thanks, -Eric