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To: Cynic 2005 who wrote (82665)	1/6/2000 4:22:00 PM
From: NickSE	Read Replies (2) of 86076

Lawmaker asks SEC, NASD to examine phantom bids biz.yahoo.com WASHINGTON, Jan 6 (Reuters) - The top Democrat on the U.S. House Commerce Committee has asked federal and securities regulators to examine allegations of traders putting in phantom bids in an attempt to drive up a stock's price. Rep. John Dingell of Michigan asked the Securities and Exchange Commission, Nasdaq's regulatory arm and the Justice Department to examine whether traders are placing large orders at high prices over electronic trading systems and withdrawing them almost immediately, creating phantom bids. Dingell asked for a report by Feb. 4 on how extensive they view the problem, what they plan to do to address it and what has already has been done. The lawmaker referred to a Dec. 12, 1999 New York Times report in which traders had said big price swings in stocks are a result of manipulation and Nasdaq's parent, the National Association of Securities Dealers Inc. (NASD), had recently reported to the SEC that canceled trades were on the rise. ``In addition to creating record levels of volatility and destroying the integrity of the market, it is alleged that the practice harms investors,' Dingell said in his letter. SEC and NASD officials were not immediately available for comment.

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