SelectNet offers two ways to send an order, "Preference" and “Broadcast.” Whether you use SelectNet in the Preference or Broadcast mode, you are displaying a bid or an offer to only the market makers in that stock. You are not trading off of their price unless you are using
SelectNet to preference an ECN. The market makers have no obligation to do anything with the bid or offer you are showing to them.
Notes
Prices shown via SelectNet are shown only to market makers. Ultimate Trader will only take SelectNet orders within the stock's current spread, not outside it. However, as soon as a stock's market moves outside of your SelectNet order, that order will be killed by NASDAQ.
As per NASDAQ, you cannot cancel a SelectNet order within 10 seconds after you send the order.
All SelectNet orders sent to a specific market maker must be sent as LMT (limit) orders. These orders can be sent as PART or AON orders.
You may want to do this to execute a trade of more than 1000 shares. Even though a market maker is only quoting a size of 1000 shares, he may be willing to do a trade for more than 1000 shares. However, keep in mind that on SelectNet, the market maker is under no obligation to fill you on your bid or offer, regardless of the size being quoted by the market maker.
To trade on an ECN price, you must preference the ECN, such as INCA, INET, TNTO, BTRD, REDI, ATTN, and BRUT. Any SelectNet order sent to an ECN must be sent as a LMT order at the ECN price. These orders can be sent as PART or AON orders.
All broadcast SelectNet orders must be sent as LMT orders. These orders can be sent as PART or AON orders.