Meet Gene, a NASDAQ Market Maker Message Board

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Non-Tech : Meet Gene, a NASDAQ Market Maker

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To: Pierre Borczuk who wrote (576)	8/16/2000 12:33:43 PM
From: Wayners	Read Replies (1) of 1426

Message #576 from Pierre Borczuk at Aug 16, 2000 9:23 AM I think there is still some sort of conspiracy against traders... Since I can't differentiate easily between a MM bid or ask or a MM client's bid or ask I have to defer to Nasdaq's SRO to ensure there is no funny business going on there. I'm pretty certain that the vast majority of orders you see represent client dollars but I have no way to prove this. With regards to conspiracy, only one area stands out in mind. From my own trading experience there could be a word of mouth program going on that goes, "If you're a MM working client orders you have a duty to ensure that all ISLD bids or asks or other retail ECNs shall be the last ones to be picked off any particular level". I have no proof of this of course but its crossed my mind many times having seen it happen again and again and again. It could be a function of payments for order flow or it could be collusion. We may never know.

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