Partial Fills & Specialists Over the past few weeks Iâve found that I have to be more aware of partial fills (PFs) not only in extended hours but also during the official day. Sometimes I open/close positions by putting a bid/ask directly in level II, waiting for the price to come to me. When I was trading ITWO in regular hours part of the fill was 44,90,99,1,and 65 shares over the time of a few minutes. The order was filled and as I did not move off the price there was only one brokers fee. Another order was hit with 20 shares, so I had the choice of waiting to get filled or hitting a MM or ECN at a lesser price. If I move off the price and take a different one within two minutes I am charged only one brokers fee. On this occasion I moved off the price and hit an ECN at 4 pennies less in 1min 14 secs. ITWO is not an illiquid stock, so now I have to be more careful with my prices in level II, making sure there is a good flow in my direction or some one else near my prices in case of PFs. At times I do pick the prices off level II using an ECN or SuperSoes. That way I usually get the fill I want but maybe not at the price, or certainty of direction I would like. I donât know where these small amounts are coming from. Perhaps folks are trading 20 or 50 shares at a time on $5-$10 stocks. At first I thought they were odd lots. Then I see ECNs being hit with only those amounts. If âIBâ charges a $1 on 50 shares I suppose a 10-cent movement may make them $3. Any one any ideas? A few months ago I didnât seem to have to be more aware of PFs during regular hours. Perhaps the new margin rules make cut down on small amounts of shares. On another note, when listening to CNBC, they mentioned that NYSE is going to allow you to see the specialistâs order book. The one thing that put me off trading NYSE stocks was not being able to see the depth of shares, especially so if there were no ECNs participating. I donât when or how this is going to take place, perhaps some one may have a link? Ken