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One more thing, do Ecn's display Selectnet orders preferenced to them on Level 2?

Thanks.

Few questions on Selectnet orders: 1)If i selectnet preference a market maker to buy for a higher price than the current offer,is it possible to get filled and if it was a mistake on my part on keying the price, what's my recourse?And does that 100 share oversized order requirement apply only...

JWKirkland, i see you live in NV. Does this state require a return to be filed with it or not,since the state is tax exempt?

Don Bright and Rtharp, what are each of your firms minimum amounts to join up as a Nasdaq customer trader and what type of leverage is provided?

RTharp, you mention that one market maker will take the entire order and fill it away on the Nasdaq. My question : do these big block orders on the Nasdaq print on the time and sales immediately, or if not, when?

Great if you are short the Nasdaq stock that's about to go down $2

RTharp, you mention that a specialist will fill your buy order .70 less when he gaps it down that much, you also have to remember that in this situation the seller will also receive .70 less on the NYSE all at one price. If it was Nasdaq, the seller would have the opportunity to hit bids at...

Would anyone know that trades at a prop. firm for their own account if when you file your taxes each year, other than filing your federal tax return, are you also required to file a state return only in the state in which you reside or file in ALL the states that the LLC has an office in...

Can anyone answer how much these professional fees are per month, and do they apply to NYSE trading and/or to NASDAQ trading?

According to this site, ARCA does accept odd lots....http://hardrightedge.com/work/orderrouting.htm

So if you ONLY pay the ARCA fees and no other ecn, selectnet or supersoes fees, why would anyone use selectnet to preference a market maker or selectnet broadcast their order.In addition why would anyone trade through INCA which has the highest ecn fee per share when you can just use ARCA and...

I checked the Echotrade site and it says they charge .004 per share to trade on ARCA. Now let's say i place an order to buy 1000 shares at the market through ARCA and i get 500 from the ARCA book paying .004 per share. Then i get filled for 200 shares on Island, then a 100 shares on a Selectnet...

You are correct danger68.

Thanks for all your help.

So you are saying that an active ECN like ARCA or REDI will pick up hidden ECN orders before going to the next available price, right?

Thanks Turok for clearing that up but say Island or any other ECN has a hidden order to sell at 50 and let's say no Island orders come in to buy at 50 or higher, will the price on Level 2 bid higher than 50 leaving this hidden Island order to sell at 50 unexecuted?

Would anyone know if Archipelago in the pre and post market session matches up with ONLY the ARCA book, or if it trades like the regular market session, where it first looks for a match within the ARCA book,then trades with other directly connected ECN's , then Selectnet preferences non-direct...

I just finished reading the book Nasdaq Trader's Toolkit by Rogan Labier. The way i understood it, Selectnet orders preferenced to an ECN where the order is hidden and not displayed on Level 2 will not execute against it. Can anyone shed some light on this. Thanks.

Don, are you saying that on a level 2 screen only ARCA will be displayed and not REDI anymore, or will both be still shown?