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In a message dated 4/24/00 6:27:28 PM Pacific Daylight Time, b.c.w@xxxxxxxx
writes:
> > Huh? If you are talking about buying at a market maker's offer, most ISLD
> > brokers will not let you cross or lock the market. Why would you use
ISLD
> for
> > that anyway? An order placed through Datek in that manner would not go
> > through ISLD, but through Selectnet. ISLD is arguably the most liquid ECN
> > there is.
> >
>
> I believe you have your terminology mixed up. There is nothing preventing
> you from
> bidding above the current inside offer. This does NOT constitute a cross/
> locked
> market. A crossed market (ie. crossed down occurs when the the ASK price
in
> a
> private network (ie.Instinet) is lower than the BID in a public network
(ie.
> ISLD,
> NASDAQ). A bid above the current inside offer on the same network does
> not
> constitute a locked/crossed market.
No, you have your terminology mixed up. The inside offer IS the ask, and
bidding above or at that price crosses or locks the market and is not allowed
on most ISLD systems.
>I believe any order placed thru Datek gets
> routed to the best market, whether that happens to be ISLD, or Selectnet (
> DATEK GETS
> PAID FOR ORDER FLOW!!!).
That's only on Datek market orders, which is Selectnet broadcast if ISLD is
not on the inside. Besides, Datek refunds order flow payments to the customer.
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