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I use the ECNs and SelectNet all day long. I primarily use Island.
It has been my experience that orders that are only partially filled remain
open orders, allowing the remaining shares to be fill when the market comes
back to your price.
The only exception to this is when you are buying on the offer, or selling
on the ask. In such cases the ECNs will match your order with anyone on
there book willing to take the other side of your trade at the same price.
But only up to the number of shares being bid or offered.
In fast moving markets, and in volatile stock (i.e DELL, MSFT, NCSP) if you
find yourself on the wrong side of the market the best bet is the SelectNet
(USING THE PREFERENCE OPTION, NOT BROADCAST) one of the Market Makers a
1/16th away from the prevailing bid/offer. It will cost you $62.50/1000
shares in slippage, however that is typically better than reentering order
as a stock moves against you 2-3 points in 2 minutes.
One other tip- The large Market Makers such as GSCO, MLCO, SHWD, MASH, NITE,
PWJC, will typical except an order 2-3 times what the are showing, as long
as you get to them early. Don't wait till they are the last one the
bid/ask!!!
Hope this helps in some small way,
Brandon
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