Island ECN question

Discussion in 'Trading' started by GreenDog, May 20, 2003.

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

    Very confused.


  2. I searched the NASDAQ as well as Island websites and still couldn't find the answer.


  3. What I'm asking has nothing to do with ETF's (as I said -- I trade qqq almost exclusively!)

    -- What I'm asking is about "Nasdaq stocks" -- Why is the ISLD order not represented on Level II?

    (maybe you didn't realize there was a difference between Nasdaq stocks and ETF's -- although I would that would be hard to believe)!

  4. since your reply has disappeared, I'm assuming you went back and re-read the initial question.
  5. I think it might be ur provider or ur setting. Mine is working fine amtd/realtick
  6. your "what" is working fine?? I don't understand your answer. My "provider" and "settings" are fine.

    To try to make my question as simple as possible, let's try this:

    Say you enter a BUY order for 5,000 MSFT at 24.75 (on ISLD). The current best BID/OFFER on L II is 24. 70 X 24.80.

    1. First of all, your ISLD bid of 5,000 @ 24.75 now becomes the best bid -- but for some reason (and I think it has to do w/ the INCA buyout), the ISLD bid is not displayed these days on LII.

    2. Your ISLD bid is, however, reflected in the ISLD book.

    ... if you don't know the answer, that's fine!

    ... but someone must know.

  7. gaj


    in a nutshell...

    once ISLD got 5% (i believe that's the number) + of the total trading of the QQQ, there's some rule that their quotes can't be displayed...

    most of the active traders that used to use ISLD now use ARCA, i believe.

    i don't know the legalities, specifics of it, but it's ridiculously stupid.
  8. Bsulli


    Your comments in thread clearly suggest you don't what a QQQ is and isn't and what a Nas stock is and isn't.

    First off and most important. QQQ ain't a nasdaq stock, period, it's a unit of a trust representing a basket of nas stocks. In other words it's it's own unit. When you submit an order on isld to trade QQQ's your trading an Amex product not a Nasdaq product.

    Secondly, the QQQ's was and it the very first ETF and that's all it is. Created by the Amex.

    From the Amex website.

    Nasdaq-100 Index Tracking Stock represents ownership in the Nasdaq-100 Trust, a unit investment trust established to accumulate and hold a portfolio of the equity securities that comprise the Nasdaq-100 Index. Nasdaq-100 Index Tracking Stock is intended to provide investment results that, before expenses, generally correspond to the price and dividend yield performance of the Nasdaq-100 Index, and its initial market value approximates 1/40 of the value of the underlying Nasdaq-100 Index. There is no assurance that the price and yield performance of the Nasdaq-100 Index can be fully matched.

    Exchange Traded Funds are subject to risks similar to those of stocks. Investment returns will fluctuate and are subject to market volatility, so that an investor's shares, when redeemed or sold, may be worth more or less than their original cost. Investments in foreign investments may incur greater risks than domestic investments. Past performance is no guarantee of future results.

    For more complete information, including charges, expenses and potential risks, on Nasdaq-100 Index Tracking StockSM, call 1-800-THE-AMEX or click here for a prospectus. Read the prospectus carefully before you invest.

    ALPS Distributors, Inc., a registered broker-dealer, is distributor for the Nasdaq-100 Index Tracking StockSM, a unit investment trust.

    No personal offense intend but get your facts straight before taking Harry2k's response to task.


    OK, let me guess -- this is like a Candid Camera episode, only on the internet.

    I'm running out of ways to ask this question!!

    I'll try ONE MORE TIME. In the VERY RECENT past, when one traded in NASDAQ stocks, you could send an order via ISLD and it would be displayed in Level II as ISLD. This is no longer the case. I'm just asking ?WHY?

    And please, don't confuse this w/ the ETF "blind book" issue -- that's a completely different subject (about which I am keenly aware).

    (you DO no that ETF's are not NASDAQ stocks, right?? ETF's are traded on the AMEX).

  10. Hey Chief,

    You give new meaning to the phrase "dumb as a box 'o rocks."

    What is it in my question that compels you to explain the Qubes to me? I'm really curious.

    The absurd responses to what I thought was a simple question has me questioning my own communication skills now.


    #10     May 20, 2003