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In a message dated 98-08-29 11:18:43 EDT, redeemed10@xxxxxxxxx writes:
> You can be high bid via ISLD in a stock trying to cover a short. The
> stock can trade at your price, but you are not guaranteed a fill.
> What the rules said when I traded this way is that the stock,if it
> trades,has to trade at your price, but not necessarily to you. MM's
> can trade amongst themselves all around you and leave you with your
> position.
Obviously. This can happen with any brokerage. No brokerage will guarantee you
a fill for a buy at the bid, even if trades go off at that price. To be
guaranteed an out, put in a buy at the offer.
> This is less likely to happen in a deeper stock, but the trade off
> with that is that there are more players fillingup the SOES queue and
> more feeders at the ECN trough.
>
> What fun is it to trade in a marketplace where you can be totally
> ignored regardless of your price? True, SOES was designed to
> eliminate that, but people can be very inventive when it comes to
> protecting their rackets. You can put SOES into the market but you
> can't take the market-maker out of SOES.
> FWIW
ECN's are almost always last to be filled, unless an internal cross occurs,
both because "real" market makers resent the general public playing their
game, and the added cost.
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