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In a message dated 98-08-28 00:29:44 EDT, Robertbu@xxxxxxxxxxxxx writes:
>
> >> By the time you get out of the remaining 900 shares you might
> >> have lost a point or more.
> >
> >A fast moving market has that effect on any broker. If there are no buyers
> >(or sellers) at your price, no brokerage is going to fill you.
> >
>
> Yes, but that is not what I am talking about. For example, with the ISLN
> they might fill 100 and leave 900, even when the market has not moved, even
> when the next 100 fills are at your same price. You are required to
> resubmit the order. I understand that ATTN will leave your order in place
> until your order is completely filled or the market moves, but ATTN was not
> around a year ago when I was SOES trading.
ISLD does do partial fills, but it's your ECN and/or brokerage that's
requiring the new order, not the ECN filling your order. Orders submitted
through ISLD/Datek will not only continue to fill until it's not marketable,
but they only charge you 1 commission.
> >>. The
> >> first is that if you received a partial fill, the rest of the order was
> >> canceled and you had to resubmit the order.
> >
> > Not familiar with any ECN that does this. If you receive a partial fill,
> >the remainder of the order stays open until it is filled, canceled, or it
> >expires.
>
> A year ago, Island did require you to resubmit.
>
> > If you make the market - i.e. go high offer or low bid, then you are
> > "tipping your hand" in this sense, but this doesn't mean much anyway.
> > Without ECN access, though, you can't even do this, and have to
> > wait until a MM fills you.
>
> Not true. You can offer it directly to the MMs or to a particular MM.
> While
> this can be seen with the right tools, it does not change the inside market
> and is not as obvious to other traders.
This has not been by experience with ETrade. My orders show up on Level II if
they're not immediately marketable.
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