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Microcap & Penny Stocks : International Automated Systems
IAUS 0.04000.0%Jul 8 5:00 PM EST
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To: Mitch Aunger who wrote (46)6/1/1996 5:46:00 PM
From: olduser   of 7618
 
Nothing personal, but people who invest in penny stocks like IDID
get exactly what they deserve. IAUS is a $40 stock and has no
business being on the NASDAQ bulletin board. I do not wish to spend
a lot of time on this but if you think that the specialist on the NYSE
does not have a spread ( the difference between the bid price at which
he will buy and the offer or asking price at which he will sell) then there
really is not a lot that we can talk about. Suffice it to say, there are both
legal and ethical rules that govern the size of the spread. There are
also obligations of the broker/dealer who is your agent concerning
his/her disclosures to you concerning trading in this security, the
obligations of the market markers, and the obligations of your "agent"
broker to work or not work the order. This entire subject is currently being discussed
with the NASD, the primary regulator of broker/dealers who are not members
of the NYSE and the regulator of NASDAQ and the NASDAQ bulletin
board. Because of the legal sensitivity of this issue I will not be posting
results but would rather encourage people concerned about what some would consider
to be an excessive spread charged on a stock trading thousands of
shares a day to contact NASDR (National Association of Securities Dealers-Regulation) 1735 K Street N.W.
Washington, D.C. 20006.
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