ECN Bogus Bids and offers, Manipulation BY MMs Message Board

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Non-Tech : ECN Bogus Bids and offers, Manipulation BY MMs

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To: Anthony@Pacific who wrote (32)	7/20/1999 1:10:00 AM
From: Rande Is	Read Replies (2) of 112

I gave an explanation of fake bids/offers on Daytraders Irc and posted remedy, including phone number. REDI has been "showing" an 18k to 50k offer on OSFT since Friday morning. . . .but when watching level II. . .as their offer climbs the ranks to execution at say 1/2 and gets ready to execute. . .I and many others watched it disappear. . . and suddenly they are showing 23k or so at 5/8. Yet, when looking at trading logs, we do not see the sudden "perfectly timed" buys that would offset such sells. . . in other words, it appears that at that moment there was no trade, leading to the conclusion that the offer was pulled. . .or simply changed to a higher offer. . . .which kept the pressure on the sell side. When watching, I don't recall REDI showing a bid even one time. I tried to save the level II page about a dozen times. . . .but it turns out that the method I was using, could not be retrieved. They will be there tomorrow as well. . . .and I will attempt a different method of capturing the frames as the "phantom trade" develops. . . .so we can compare it to the trading logs. Rande Is

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