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Non-Tech : Bid /Ask Spreads - Market Manipulation
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To: slipnsip who wrote (101)10/23/1996 11:49:00 PM
From: Sajjad   of 308
 
David, reading your posts gave me an impression that you have a good understanding of the Instinet and SelectNet markets.

I specifically have some questions from watching the Level II feed.
What is the basis of the bid or ask spread increase or decrease without an accompanying volume or size movemet to justify the change?
Why does a a major market maker jump from the bid to the ask, or vice versa. Does the sequence of priority of MM offering or bidding mean anyhing. That is, If Merril is above First Boston, would they have the first right to pick up the full size being offered( if they are on the bid), Does every MM who gets on line to Bid or Offer, obligate themselves to pick the size they are offering or bidding on ( atleast 1000 shares each). So that if there are 5 MM bidding on 50,000 shares in total,, they are oblgated to buy the full 50, 000 shares before they adjust their BID or ASK..
.
Is the time and sales really on "real time" or is it delayed on purpose by the MM by 90 secs, and we do not get to see the correlation between MM changing the bid /ask, and the time/sales feed .

Does Instinet bid ask drive the MM bid ask?.
Normally the Instinet Bid Ask or the Book Bid ask would be for a given size. Is'nt the size easily manipulated ? SInce the Institution would not really like to disclose the potential accumulation or liquidation of their holdings for the next few weeks?

I would appreciate your feedback.

Looking Forward
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