ISLD = CINN tommorow?

Discussion in 'Trading' started by Avalanche, Aug 7, 2002.

  1. Has anyone heard anything about this below?

    I heard it might cause problems for some software platforms.


    Effective tomorrow, August 7,2002, Island will begin quoting its best bid and offer as the Cincinnati Stock Exchange. Rather than the quote appearing as ISLD, it will be identified by the MPID (Market Participant ID), CINN and only applies to Nasdaq traded stocks. As a result of Island's decision, traders' orders which would lock or cross the NBBO will be published by Nasdaq and appear as the Level I quote for all to see. Previously, these orders could not be fully represented due to Nasdaq's prohibition on entering locking or crossing quotes.
  2. Shit, weird. Havent heard anything about it. The level 1 comment makes no would they quote level 1 locked or crossed whrn it is only ISLD that they are reporting? What about other ECNs?

    What I mean is lets say CSCO is 13.00 by 13.01. But someone on ISLD crosses with 13.011 on the bid, but there is weak support at 13 (no INCA etc...remember, this is hypothetical). This artificially makes the L1 13.01 by 13.01 because of a potential 100 share cross?? Thats bullshit.
  3. Does anyone know more about this? BYW, where was this from?
  4. quantman


    There is info on this on Island's website.

    This should have an interesting effect on SuperMontage. Over 30% of the NBBO in Nasdaq securities could be coming from Cinn.

    What's next? Will ISLD pull out of SuperMontage all together?
  5. quantman


    more from the ISLD Site:

    New Island quoting behavior on the CSE for orders that would lock or cross the market

    The inside quote for MSFT is 73.95 bid to 74 offer.

    A displayable order to buy MSFT at 74.05 is entered into Island.
    If no immediate match is available at 74.05 or better, the buy order is added to the Island book.

    Island fully represents the order to buy at 74.05 on the Cincinnati Stock Exchange. The CINN quote on NASDAQ updates to 74.05 high bid and the inside quote changes to 74.05 bid to 74 offer.
  6. that's where isld went. saw my island order get added to CINN's count on the L2 book and it suddenly clicked.

    sorry for stating the obvious...i've been outta da loop.