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 ()	7/22/1999 9:58:00 PM
From: wanmore	of 112

Anthony (or anyone) I am still trying to understand exactly what the problem is so I can become more aware myself. I understand and have seen the large bids/asks vanish as soon as an up/down tick happened. I always thought it was just someone changing their mind. What about when I see 1000 shares on the ask side @ $45 1/16 but then I see trades of 500 , 1000, 100 going through over and over again @ $45 1/16 without taking that particular order out? Why don't they sell the shares that are offered before other trades are executed? Sometimes I even see the ask at one price and a trade go through well over that price...why? (same deal on a sell but the opposite) Another question: Why don't I always see my orders on level II after I place them? Are they being hidden somewhere? My broker says they give it to me from their holdings.....what does that mean? Do most brokers have "holdings" of nearly every single stock there is...because I rarely see my bid on Level II? Thanks for any answers

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