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Strategies & Market Trends : Talk to Lola:)

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To: Lola who wrote (1690)	11/3/1999 7:33:00 AM
From: Clarican	Read Replies (1) of 2010

Info about the CDN "...in general terms CDN is an over-the-counter (OTC) market. As such, Trading rules that govern an auction market such as the Toronto Stock Exchange (TSE) are quite different from an OTC market such as CDN. Prices on the CDN market are negotiated prices and represent the price the market maker will buy or sell from the investor. Since it is a negotiated market, market makers decide themselves about price changes. Some important points to keep in mind regarding the CDN are: a) CDN does not operate as a continuous auction market. As such, unlike an exchange, bid and ask sizes are not posted. b) Bid and ask price on CDN represent the market maker prices. Individual investors buy/sell orders are not included in the CDN quotation. Any bids or offers that improve the existing market, whether entered by an investor or market maker are not reflected in the current quotation. c) CDN does not regulate its members; it is primarily a market for unlisted stocks ( i.e. companies that do not meet the listing requirement of an exchange); and the quotes on CDN are not continuously evolving like an auction market. d) Majority of the trades done by market makers on the CDN are out of their own inventory. Therefore a market maker is mostly acting as a principal and seldom sells as an agent. On an exchange, trades are a combination of principal and agent with agency trades occurring most often. You may also contact CDN at (416) 947-4249 for further information. Should you require additional information, please contact the [Ontario Securities] Commission by e-mail at inquiries@osc.gov.on.ca or by telephone at 416-593-T

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