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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 10:27:55 PM
From: oldirtybastard  Read Replies (1) of 1426
 
Gene, appreciate your time and effort posting here.

Can you talk a little about crossing the market, and when it is allowed or done and for what advantage. I believe I was prevented from shorting JDSU today around 3:55 because the market was crossed with the bid being constantly downticked, but also being higher than the offer and current trades so I could not only not hit the bid, but also could not put in an offer a reasonable amount above the marketable price (bid was, say, 138 crossed, offer was 136 to 137, and thus I could only put in an offer at 138 1/16 or higher as the stock was trading down to 136, 135, and I think when it was 135, the bid was still crossed at 137 so again I could not put in a marketable order.)

Maybe this was a broker problem as I was using Datek for this particular trade, and they may have been the ones limiting me.

Thanks for any insight.
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