Island ECN question

I explain it because you don't know what to even ask.


To give you a more explicit answer.

It's has to do with reporting to the ADF versus SuperMontage and the choice to report islands tranaction to Cinn stock exchange because it cheaper. Your so smart research the rest.

Most of the people in the know haven't bother to respond to your stupid questions because you don't even know what the hell your talking about.


Stupid people are a dime a dozen and you are now on ignore. The only one by the way.
 
from my original post:

Quote from GreenDog:

Since I haven't traded Nasdaq stocks in a long time (I trade QQQ exclusively), I haven't kept up w/ the changes in Level II displays

This means that Green Dog currently trades QQQ and NOT NASDAQ stocks.



This came to my attention today as I made a trade in a NASDAQ stock.

What this means is that Green Dog deviated from trading ETF's and made a trade in a NASDAQ stock today.


I entered the order via ISLD, but did NOT see my order represented in Level II -- and it WAS the best bid.
It showed up in the ISLD Book, but did NOT show up in L II. What's the deal??
I know ISLD is no longer the abbreviation, but it didn't show up under CINC or INCA either.

this describes what occurred after placing the order for a NASDAQ stock (not QQQ or ANY other ETF!!).

Thanks,

dog [/B]
More...

(I feel like Mr. Hand trying to explain the Revolutionary War to Spiccoli)!
 
I can't figure out some of the above responses and how they got confused on what you were asking. I thought they were joking with you at first. It was pretty clear on what you want to find out.

Anyhow I am not aware of any recent changes. Mine still show up in nasdaq. Since you have not recently been trading stocks lately I guess one thing to check is to make sure your software has not been defaulted to automatically hide island. I know of some software where if you shave the best bid or offer on island then it will automatic but island in as hidden too.
 
GreenDog, I had a good laugh reading the responses to your question :)

There may be other reasons, but one could be if you were buying a low # of shares. If you place an order for 50 shares, it would stay on ISLAND and would not display on full Level II. I do not know if the example of 5,000 shares of MSFT you used was the actual order in question or just an example.

Another reason, would be if the order was sent as an ISLAND Subscriber order, or "non-display". These orders will only show on ISLAND book and will not be rejected due to crossed/locked prices

With some brokers, if you send an order out of the market, the order will be resent as a "non-display" order (CyberTrader for example)
 
i thought you were asking why you couldn't see the Qs on nasdaq, a question i've seen many times.

anyhow...my ISLD connection worked fine today. many trades in and out, all visible. (my broker's IB).
 
I don't normally ingore anyone and I decide I'm not starting now so Greendog ignore is removed.

The problem your describing Greendog started the day supermontage came on line. Because the the ECN's didn't want to list on Nasdaq controlled SuperMontage. SEC and NASD rules provide for whats called the ADF (Alternate Display) for ECN's and alternate exchanges to list their best bids and ask. The ADF and SM aren't linked which can cause things to not show up.

Level 2 doesn't exists as it once did where everyone listed in the same place even though it looks the same. That's why locked and crossed markets is an even bigger problem that it was before.

http://www.tradersmagazine.com/magazine2.cfm?id=1&aid=1391&year=2002&search=ADF

http://www.tradersmagazine.com/magazine2.cfm?id=1&aid=1461&year=2003&search=ADF

http://www.tradersmagazine.com/magazine2.cfm?id=1&aid=1447&year=2003&search=ADF

I have dozens of other links and articles that explain the reasons why but I walking out the door and frankly don't have the time at the moment. I have followed this issue from the start.

No apologies offered all of my original comments were correct in reply to the quotes I listed.


Good luck and good trading.

Bsulli
 
Quote from j_medved:

GreenDog, I had a good laugh reading the responses to your question :)

There may be other reasons, but one could be if you were buying a low # of shares. If you place an order for 50 shares, it would stay on ISLAND and would not display on full Level II. I do not know if the example of 5,000 shares of MSFT you used was the actual order in question or just an example.

Another reason, would be if the order was sent as an ISLAND Subscriber order, or "non-display". These orders will only show on ISLAND book and will not be rejected due to crossed/locked prices

With some brokers, if you send an order out of the market, the order will be resent as a "non-display" order (CyberTrader for example)
More...


The trades I'm talking about were 5,000 share orders in MSFT (via Tradestation). For some reason, I could instantaneously see the orders in the Island Book -- but never in the Level II display (on Tradestation). In fact, I don't think I saw CINN displayed at all. And also in afterhours I pulled up some very liquid stocks (MSFT, CSCO, etc) -- and didn't see CINN represented either. I'm using Tradestation.

I'll look into it more tomorrow. I don't plan on going back to trading Nasdaq -- but would still like to find out what's going on.

(I'm thinking it does have something to do w/ SuperMontage).

Thanks,

dog:cool:
 
and thanks for the links!

I had done a search on Google using "ISLD, SuperMontage, and ECN" after one of your other posts and actually found those links (and others).

-- I'm sure you just read through my initial post quickly and that was the cause of the confusion.

Trading Nasdaq stocks was a losing proposition prior to SM and ADF -- now it's sounds even worse!!

It's martooni time.

dog


Quote from Bsulli:

I don't normally ingore anyone and I decide I'm not starting now so Greendog ignore is removed.

The problem your describing Greendog started the day supermontage came on line. Because the the ECN's didn't want to list on Nasdaq controlled SuperMontage. SEC and NASD rules provide for whats called the ADF (Alternate Display) for ECN's and alternate exchanges to list their best bids and ask. The ADF and SM aren't linked which can cause things to not show up.

Level 2 doesn't exists as it once did where everyone listed in the same place even though it looks the same. That's why locked and crossed markets is an even bigger problem that it was before.

http://www.tradersmagazine.com/magazine2.cfm?id=1&aid=1391&year=2002&search=ADF

http://www.tradersmagazine.com/magazine2.cfm?id=1&aid=1461&year=2003&search=ADF

http://www.tradersmagazine.com/magazine2.cfm?id=1&aid=1447&year=2003&search=ADF

I have dozens of other links and articles that explain the reasons why but I walking out the door and frankly don't have the time at the moment. I have followed this issue from the start.

No apologies offered all of my original comments were correct in reply to the quotes I listed.


Good luck and good trading.

Bsulli
More...
:cool: :cool:
 
You were initially answering a question he never asked. He clearly stated that he was asking about Nasdaq stocks (like MSFT, QCOM, DELL) NOT the QQQ. He trades the QQQ everyday so I am sure he already knew island no longer shows up there and he knows what the QQQ are. So basically your first replys had nothing to do with what he actually had a question about.
 
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