Quote: Don,
You have been asked by both Vinny and Daytrader76 to explain these comments regarding SuperSOES. Your statement "I am pretty up to speed with the SOES changes, and we don't recommend using SuperSoes to our traders (since the orders are routed to MM"s who can hold orders if they like)" is a paradox because if you think MM's can hold SS orders then you clearly are NOT up to speed on the SOES changes.
Please explain what you meant here or simply admit, once again, that you do not understand execution on the Nasdaq market. To ignore the posts is not acceptable since you initated the comments (and don't tell us you did not see them...we know that you did ).
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OK, getting back to this. Since we use Redi Book, which is "proactive" (looks to Redi, other ECN's and SOES) rather than a "static" (SOES only) order, we prefer to not designate SOES. You can only enter "market" or "marketable" orders (thus no "price improvement", having to hit bids or take out offers). Also, if someone beats you to the price, you could sit on SOES with a .50 cent bid for 90 seconds, while it is trading .50 cents on other ECN's and not have it executed.
OK, while "admitting" I don't do a lot of Naz trades, I went straight to the source on this....so that I could (hopefully) explain my prior posts.
If someone has additional, or differing info, let me know....I am always willing to admit that I need to work hard to keep current...so feel free to lend a hand..
