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Non-Tech : ECN Bogus Bids and offers, Manipulation BY MMs
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To: johnsto1 who wrote (69)7/22/1999 8:55:00 AM
From: LPS5  Read Replies (1) of 112
 
There are analytical tools (one is called "The Hammer," another the "AxeGrinder," by various software/trading companies) which can tell you what market makers have been
a) at the inside bid,
b) at the inside offer,
c) close (within a level or two of the inside offer or ask), "hanging back," so to speak,
AND
d) the number of times they've been at each.

While this isn't 100% conclusive, it usually lets one narrow the choices for who the axe(s) is or are (I've never heard of a/the "hatchet") to two or three.

In addition, if you piece this together with investment banking news, in particular who might've been one of the managing/lead underwriters in the issues' underwriting, you can narrow it down or pinpoint the real axe(s) with a relative degree of certainty.

LPS5
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