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Non-Tech : Meet Gene, a NASDAQ Market Maker
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To: gene_the_mm who wrote (71)7/26/2000 10:20:33 PM
From: bowledover  Read Replies (1) of 1426
 
Gene, look forward to this thread. Appreciate your efforts.
However, I hope you are not going to insist that MM's, brokerage houses, etc. are all girl scouts and boy scouts; nor deny that many do in fact bend and break the rules.

You probably watched JDSU this afternoon. I attempted to sell a call, at market, at 3:49/3:50 today and it was never executed until 5:13, in a 'closing rotation.' I could see it was not being filled at 3:55 when in fact an order was filled at 3:52. Finally got through to my broker after 4 and after two phones calls, a helpful customer service person, who said they discussed the issue with a 'trading manager' told me the following: at about 3:50 JDSU was a 'locked and cross' market and it was up to NASD to sort it out and do something if they wished. My market order went from an ask of 27 to about 23.

Would enjoy your comments.

bowledover
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