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Non-Tech : Meet Gene, a NASDAQ Market Maker
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To: Wayners who wrote (435)8/4/2000 11:12:30 PM
From: gene_the_mm  Read Replies (2) of 1426
 
WAYNE... WHO ARE YOU DIRECTING THESE COMMENTS AT?

Let me give you the benefit of the doubt and assume you are not painting a 'broad brush' on market makers in general.

Please clarify your comments. For the record, I make money 'trading' stocks. Like any other professional who 'earns' their living out there trading, I take tremendous risks and have lost money on many trading days. It sounds like you think making markets is like printing money. I don't trade the OTC BB stocks, so I can't argue with you on the fact that orders are NOT represented there (however I understand there is proposed legislation to bring the SEC order handling rules to the OTC BB as well). However, come try trading on small B/D desk with limited order flow and see how long it takes to 'blow up'.

There are more market makers like me out there (who work for small firms and work damn hard to make a living) then there are the 'masters of the universe' that you describe. Also, the massive amounts of illegal dealings that you assume go on are probably on the extreme side. I agree with you that transgressions have and do occur, but not on the scale you suggest.

Please accept my apologies in advance if I have mistakenly assumed you were talking about MM's when in fact you were talking about another group of professionals. If not, I look forward to hearing more about why you feel this way and what facts led you to these conclusions.

Thanks for your post.

All the best,

-- Gene
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