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Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony,
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To: uclatrader who wrote (41167)7/18/1999 9:15:00 PM
From: LPS5  Read Replies (1) of 122087
 
Shuo,

The NASD capital requirements are that a broker-dealer who undertakes to make a market must first have $100,000 in net capital;

plus,
$1,000 for every stock they make a market in under $5.00;
$2,500 for every stock they make a market in above $5.00;

up to a maximum of $1,000,000.

In addition, such a firm must have individuals who have passed the Series 55 exam. They can go long and short, and in theory, can short nakedly, and with impunity with regard to the bid-test rule, if acting in a "bona fide market making capacity." A firm endeavoring to make a market must give Nasdaq Market Ops 5 days notice before actively making a market in a stock. Once they are making a market, they may only withdraw from making such market under certain circumstances. For more info, I think there's a copy of the Nasdaq Trader's Manual at www.nasdaqtrader.com...?

LPS5
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