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Mark,
I used Island extensively prior to switching to futures for trading.
Island basically lets you trade with other day traders. But if a market
maker is holding down the market you can get stuck in a position for the
following reason;
A market maker can post a price to sell at and basically ignore you for
several minutes. That means that you have to "ask" someone with a higher
price to sell to you. It is NOT automatic.
If there are no ISLAND offers to sell near the current bid/offer if can be
very difficult to exit a position. Unlike say the E-mini that always has a
bid/offer price that is valid and WILL execute.
Just about all of the good day trading firms such as Cyber Corp (the one
that i used) and most the the others such as Datek etc.. access ISLAND
The market makers in the NYSE are concerned that if ISLAND can certify
itself as an exchange (they want to) it can most certainly grab a good junk
of volume from the NYSE.
Take AOL. If AOL could trade on ISLAND I would imagine that most day traders
would do so. With SDOT (the current NYSE electronic system) you are
basically blind.
One thing that I like about ISLAND that could be used in the E-mini:
Open Book - The open book allows you to see ALL of the limit and stop orders
that are resting outside the bid and ask.
This kind of transparency would help the trader in e-mini's make sure
that there are contracts available to buy or sell outside the current
bid/ask.
>From what I hear this is being worked on for the e-mini.
What I would give my left finger for though is to be able to have TS orders
automatically execute on the e-mini contracts. That would eliminate the
delays in manually
entering order information when the price is getting away from your orginal
signal price!
Is there anybody out there that would like to be able to do that?
eric langley
www.networksystems.com
----- Original Message -----
From: Bama-Family <bamafamily@xxxxxxxxxxxxxx>
To: Omega <omega-list@xxxxxxxxxx>
Sent: Sunday, April 23, 2000 12:17 PM
Subject: ISLAND and Stocks
> Hi Again,
>
> Also had a question about the ECN "ISLAND"..
>
> I just finished reading the article in S&C about Island....(I knew nothing
> of Island before reading the article and now I know about 1 iota above
that)
>
> I know there are a few online brokers that utilize Island including
Datek...
>
> I know that Island currently matches only on Nasdaq....
>
> Anyone out there using them exclusively for Nasdaq trades???
> What is a good broker utilizing Island??
>
> Sounds like the Market Makers in the NYSE should also have reason to be
> getting scared....Time for everybody to sit behind a computer like we do
and
> do their own analysis instead of skimming off the top...
>
> Mark
>
>
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