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Non-Tech : Meet Gene, a NASDAQ Market Maker
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To: gene_the_mm who wrote (15)7/27/2000 7:24:58 AM
From: Gary Wisdom  Read Replies (1) of 1426
 
Gene, one more this time about Nite

Gene, I've seen many times Nite bid or offer 100 shares right above or below a customer's large order. I know this because at times you can see the large order and then Nite steps in front of them. It's my opinion, they're doing this to get the customer to buy or sell to them higher/lower.

Is this legal/ethical/allowed? Considering Nite has access to many broker's books, how can they be allowed to get away with this?

And is it at all possible that for example, when they get a margin blowout coming, they tell their buddies at other mms so that they pull their bids?

Thanks.
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