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Technology Stocks : How high will Microsoft fly?
MSFT 496.920.0%Nov 7 9:30 AM EST

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To: Bilow who wrote (26616)7/18/1999 11:59:00 PM
From: Sir Francis Drake  Read Replies (3) of 74651
 
Bilow - good questions!

MASH is a SCH outfit, and SCH tries to push all their trades through MASH - which obviously means retail. NITE got a lot of flow from EGRP and other OLBs, and so a significant percentage of NITE is retail *but*, NITE has been heavily involved with institutions, and will increasingly be more involved. ISLD used to be almost all retail, but now is being more and more used by MMs who act as proxies for institutions.

The discrepancy you see between the NASD and Thompson data is due to the fact that you are looking at an aggregate of trading done for the month at the NASD site, while Thompson gives you a pie for the trading day.

Finally, many insitutions do trade between themselves, bypassing MMs. How is this reported, and is it reported - good question, and I don't know the answer. My guess is that those are left out of the data pool, because they don't involve market trades - but then again, maybe there is some reporting requirement; I don't know.

Morgan
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