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Non-Tech : Meet Gene, a NASDAQ Market Maker
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To: Harbie who wrote (446)8/5/2000 7:28:38 PM
From: ahhaha  Read Replies (1) of 1426
 
You're forgetting that there is a difference between operating as agent and operating as principal. Most of the B/A posting, of posting changes, are caused by the public bobbing and weaving in an attempt to beat the other public players. There's little or no MM involvement for their own accounts. Why should they be involved? They can't make money when the public is in a random walk frenzy. They can make money if the public suddenly grabs hold of the latest instantaneous truth and pulls their bids or offers. Then the market becomes illiquid and translates. The MM has to make a judgement about how much capital and at what price they will make the market assuming public orders are not available. That's almost never the case. You end up buying or selling some advantageous position and the public is back in superseding what you would have done. In no time they have the situation reversed and you are forced to make the market in the reverse extreme distributing or accumulating what you just accumulated or sold. You find yourself being led around by the nose by what the public does and if you do your job, the public forces you to make money. You read the effects of the public action as indicative of MM manipulation. This is irrational prejudice. You should be blaming your's and the public's greed and fear for the extremes that bag you.
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