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Strategies & Market Trends : DAYTRADING Fundamentals
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To: Eric P who wrote (2412)8/5/1999 5:55:00 PM
From: Eric P  Read Replies (5) of 18137
 
Forgive me for still fuming about my Fidelity experience.

The ironic thing is this: Daytrading became much more difficult when market makers were able to start quoting as little as 100 shares for their own bid/ask prices. They requested and got this rule change after the limit order display rule forced them to display their customer orders. The market makers claimed it was unfair to be forced to post the (then minimum) 1000 share quote, in order to comply with the new rule to display customers orders for as little as 100 shares. They ought to be able to display solely the 100 share customer order, the arguement goes...

Anyway, it's ironic to see how the market makers are now using this rule. Now, I see they are only displaying 100 shares, even when they have a customer order for 1000 shares. By doing this, they create an advantage for themselves, while providing a significant disadvantage to both their customers and the other traders in the marketplace.

Someone needs to provide a better job of oversight on these guys. Anyone listening, SEC?

-Eric

P.S. Any SEC folks out there wanting to use me to help them get to the bottom of this, please PM me. I would love to help. It's getting old being screwed by the market makers, both legally and illegally.
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