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Anyone have any personal experience executing these orders? I do not mean have you sent a VWAP and had it fill for you, but rather do you make the VWAP executions for a profit either as pricipal or agent? I am wondering if you could explain some of the risks you deal with and the most...

reserve orders are when you have more size than you display to the market place. The risk of this type of trade is that you may lose priority to trades entered after you. e.g. you enter a buy 5,000 shares paying $10 - display only 1,000 share at a time. someone else enters an order...

If you post a hidden bid for $10 on some ECN. Then some places a sell at $10 on the same ECN you both get a fill. The sell side may not have expected a fill because he did not see the bid, but he got one. :)

If you have an example please post it for dicussion.... :)

You used the words "market orders" as if they were some universal constant. You need to know where those orders are being routed to and with what coding. By coding I mean sometimes market orders are converted to limit or special subcategories of market orders. You need to know what your...

This may be a case of the options leading the stocks... TMBR option market maker may trade size in the options crowd. Then the computer has to get stock off... Plus if they traded size it is likely other market makers are with them doing the same thing. Cannot speak reliably on the...

I do not believe in conspiracy theories in the electronic stock market. Only people's incorrect understanding of the trading systems they are using. If you have an example we (this forum) can try to explain it. :)

ITS is for the exchanges to use to trade with other exchanges... not for the retail customers. Brokers may suscribe to CAES on the same system for their customers. The ITS is very similar to the old SelectNet for Nas Stocks. A pop-up window appears on the screen with a request to buy or...

The bottom line is... When your broker tells you your order is going to ISI or OES, they mean it is being directed to an exchange. Likely your order is routed to the primary exchange of a security, if you cannot designate otehrwise. These are service that allow brokerages a connection to...

With all due respect.... There is no cancelling part of the order before it is matched electronically. That holds true for SuperMontage and ARCA. There is no such thing as a fake post on ARCA. The market maker who is showing a bid for say 500 shares may have a 100,000 shares behind (not on...

Specialists fades $0.10, then prints .01 better than their best market so they can claim it as a price improvement on the SEC report. :)

If you want to trade a listed stock on an ECN or ATS and there is no de minimis trade through exemption, than the order will have to be matched with the best price in the market place. Meaning... you send an order to ARCA to sell 100 sh. and the best bid is on the NYSE. ARCA must use the ITS...

People look at the aggregate cost of doing business there. (Added * rebate) + (removed * fee) Generally speaking this is revue generated for the ECN. Making it free is a good deal... :)

INET - more liquidity in OTC market ARCA more liquidity listed markets :)

This is to win market share. Currently INCA is beating ARCA in OTC market share, but losing the listed market share battle. :)

It goes off the opening position.... buy 100 + buy 100 + buy 100... then sell 300 = 3 trades buy 300... then sell 100 + sell 100 + sell 100 = 1 trade A tough question for your broker arises when you place an order to buy 300 and get filled on 100, then modify the order and get filled...

I did not believe it either when I heard the term... been in the industry a while myself. It is a callable only market, no dissimenated quotes anywhere. Sometimes in you do not see the market on OTCBB quotes and not on pinks you can still call a market maker to see if they trade it...

3 and 3 :)

OTC = Nasdaq, OTC Bulletin Boards, Pink Sheets, and god forbid the Grey sheets. I trade Bulletin Boards and Pinkies periodically at www.preferredtrade.com Get really good fills when (GNET) ARCA is on the bid or offer and now INET has markets sometimes you can see in the old ISLD book for...

the 990 counts as a round trip and the 10 is carried overnight. :)