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In a message dated 12/3/99 6:14:45 AM Pacific Standard Time,
ronin@xxxxxxxxxxx writes:
> > I've noticed a bunch of stock trades (nasdaq) always coming in starting
> an
> > hour or two BEFORE the market opens. Meanwhile I SIT with a standing
order
> > that won't get executed UNTIL the market opens.
> >
> > Questions: Who is doing these trades before the real market opens? Why do
> us
> > mere mortals have to WAIT? Something stinks around here.
>
> I believe these trades are done on Selectnet, Instinet, various ECNs,etc.
> You should hook up with some daytrading outfit or a derivative of it and
> trade through them in order to access these markets (like Datek). But it's
> been a while since I've traded equities ('96) and a lot have changed since
> then - Datek went from a "scum" daytrading/SOES bandits outfit (from a
> Market Maker's point of view) to a retail online brokerage firm. Can you
> believe that? :-)
NOT Selectnet, only on ECN's, of which Instinet is one. Many online brokers
offer off-hours trading besides the high-end outfits like MB Trading,
Cyberborker, etc. Etrade executes through Instinet, Datek through Island,
etc. BTW, "scum" Datek/ISLD is now the premier ECN. Market makers themselves
often use it to disguise their moves. ISLD has even applied for exchange
status.
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