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RobertBu wrote:
> 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.
> A year ago, Island did require you to resubmit.
I agree that this would be a real problem. I wasn't using ISLD then, so I
wasn't aware of that. No ECN that I am aware of presently requires such
nonsense.
> > 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.
Yes, but you can't make the market directly. By preferencing a MM, he has the
option of filling you at the stated price. We're talking here about going
inside, the same way as one would do with listed stocks.
> While
> this can be seen with the right tools, it does not change the inside market
> and is not as obvious to other traders.
Well no, but what does this tell other traders anyway? Say a stock is 30 x 1/8
- you could buy it at 1/8, or perhaps go high bid at 1/16. In the first case,
someone has bought at the offer for X shares - don't need any special tools to
see this, but knowing this isn't going to be very informative really. On the
other hand, someone is trying to either buy or sell by going inside, which
again isn't very useful to know.
A.J.
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