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.

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

To: Mark Z who wrote (4703)	5/25/1999 9:36:00 PM
From: LUANNE CLAY-RUSSELL	Respond to of 7382

THANK YOU. YOUR INFORMATION IS VERY HELPFUL. SINCERELY, LUANNE CLAY-RUSSELL

To: Mark Z who wrote (4703)	5/26/1999 12:16:00 AM
From: Tai Jin	Read Replies (2) \| Respond to of 7382

That said, I believe ARCA takes 32nds because I've been filled at 32nds when placing an order at 16ths. I doubt its harder to get a fill at a 32nd than at any other price. If there's a counter-party willing to sell what you're going to buy (or vice versa), the order will fill. You might end up with a 1/32nd price improvement as orders at 16ths are more common. I would think that ARCA allows you to enter 32nds (it would have to for stocks less than $10 - for higher priced stocks I don't know), but getting a fill at a 32nd has nothing to do with it (in fact, it's possible to get fills at 64ths since I've seen those on the ISLD book). It just means that you took out someone else's advertised order at that price. I also agree that ARCA is too slow to use for most situations. I almost exclusively use ISLD. ...tai

To: Mark Z who wrote (4703)	5/26/1999 11:48:00 PM
From: scanshift	Read Replies (2) \| Respond to of 7382

FLASHBACK: My very first post about the outrageous behavior and significant conflicts of interest regarding trading practices by Terra Nova Trading and Townsend Analytics. I have taken a break from this thread while I was involved in another war, this one was a recent 10 day trip to the refugee camps on the Macedonian/Kosovo border. I have learned a great deal from private messages regarding the posts that I have put up on the MB thread, and for my supporters rest assured the Terra Nova/Townsend Analytics/Archipelago war is far from over. The New York Times ran a story on February 28th about Archipelago and Putnam and MB Trading and Ditlove etc., but the story was far from complete. nytimes.com I look forward to more press in the future from additional media. For those of you who have information you would like to share, please private message me. Thanks. To: funk (2058 ) From: scanshift Saturday, Nov 21 1998 12:08AM ET Reply # of 4709 Terra Nova Trading and Townsend Analytics have a track record of outrageous behavior, along with significant conflicts of interest regarding trading practices that continues to this day! Individuals who are current or potential customers may benefit from my direct experience in having been one of the principals that started Terra Nova Trading. A little background, and then at the end I will explain how individual customers of Terra Nova branch offices are affected. I started Terra Nova Trading with Jerry Putnam in 1994. While I was a floor trader in the S&P 500 futures pit at the Chicago Mercantile Exchange (CME) in 1994, I heard about Townsend who is across the street from the CME and asked if they wanted to program my software invention SCANSHIFT (www.scanshift.com) based on my background as a former U.S. Marine Corps pilot. They said yes, and a patent was filed in October 1994 and the patent was issued in November 1997. While recovering from a hit and run accident in 1995 where my hip socket and pelvis were shattered in 12 places, my partner Jerry Putnam and Townsend Analytics got together with a S&P 500 trader I introduced them to, Lewis Borsellino, and took another idea of mine, that being to start a SOES room, Chicago Trading and Arbitrage. They needed Borsellino to bring traders to it based on his reputation as a major floor trader. The three of them then played real dirty. They threw me out of our shared office, destroyed alot of my personal papers and then had some Chicago cops come to my residence and throw me around when I was still on crutches. This set back my hip rehab a good three months. Borsellino hung with Townsend and Terra Nova until he got involuntarily cut out of his share of the Archipelago ECN (also known as the Terra Nova ECN) that was a direct result from the revenues from their Chicago Trading and Arbitrage, SOES room. Borsellino filed lawsuit number number 98CH001363 in the Circuit Court of Cook County, Illinois on February 2, 1998. Within a few weeks, the case was settled by Townsend and Terra Nova's lawyer, Dan Web, the famous superstar former U.S. Attorney now in private practice. Why was it settled so quick, and with Borsellino only getting $250,000 plus the old office and real tick machines forever? The word is that Terra Nova and Townsend, both 50% owners of Archipelago L.L.C, the ECN also sometimes referred to as the Terra Nova ECN, sold 20% of it to Goldman Sachs for a cool fifteen (15)million dollars shortly thereafter. There was a story around the CBOE this week that Paine Webber is looking or already bought a substantial piece of the Archipelago ECN for twenty five (25) million! They also got a confidentiality agreement out of Borsellino, where he could not discuss what he knows about Townsend or Putnam. Of course they did not bother to tell their plans about Goldman Sachs to Borsellino, or to let him know that they had opened up what is now over 25 branch offices around the country that uses point and click software funded from the SOES room revenues. As far as me, Townsend still has a significant stake in my SCANSHIFT patent, yet I have not seen a dime of any monies that I was supposed to receive in future projects involving Townsend and Terra Nova. Nor did I receive a dime when SCANSHIFT was actively being pushed by Townsend. By the way, the range bar on the NASDAQ level 2 screen was my idea based on the right side of the SCANSHIFT range extension rectangle, blended in with the color scheme from the Angle of Attack bar from SCANSHIFT. Year and year out, all I get from these types are threats and more threats. Thus I figured, that it is about time that other people besides myself and Borsellino should know the truth. It comes down to raw greed, and it is this raw greed of Townsend and Putnam that screwed me and continues to screw Terra Nova customers. How does this greed of Townsend and Terra Nova affect customers who use a branch office of Terra Nova. First customers should deal with individuals who have integrity, of which Townsend and Terra Nova do not have any. Terra Nova and Townsend actively trade against the order flow that comes into its ECN for its own account. Why would any one ever want to have the principals of an ECN trading against your order flow? You may have a resting order to buy something on a limit, and Terra Nova will take down a market order to sell for its own proprietary accout which could have filled your limit. The Island ECN, owned by the principals of Datek, which is much bigger does not do that. They got out of proprietary trading along time ago. Other ECN's do not trade for their own account. That brings up another good point, the Island ECN pays one tenth of a cent for adding liquidity and only charges a quarter cent for removing liquidity. Yet, Terra Nova, pumps big volume through Island, and then charges a hell of alot more. There is much more to this story which I will tell in the future. Fane Lozman