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Non-Tech : Meet Gene, a NASDAQ Market Maker
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To: Wayners who wrote (578)8/16/2000 9:50:49 PM
From: gene_the_mm  Read Replies (2) of 1426
 
WAYNE...

While I have not commented on your poor attitude, it is apparent you don't know what you are talking about and the type of collusive speculation you engaged in in your last post borders on the ridiculous.

Shall I enlighten you? If I want to execute for my customer I will SELECTNET preference an ECN FIRST! Why? Because I know the ECN is most likely to give me a quick response and fill me (if the stock is not in motion). To suggest that MM's actually avoid ECN's is such nonsense that I suggest you don't post anything here anymore unless it is fact or a question, not extreme speculation. Most MM's have sophisticated systems designed to preference other MM's and ECN's quickly and efficiently when they need to buy or sell. Some of these systems (for example one is called Tools of the Trade) can be designed to preference an ECN first with anything you are doing. This is because MM's have that minor time delay when moving their quotes (some MM's trade over 100 stocks) while an ECN will answer immediately. Since ISLD is an ECN I would be looking to preference them or execute on my ISLAND INLET system FIRST(an internet link that gives me direct access to ISLAND's order book). What I will tell you is that momentum traders are even quicker and will execute orders in ISLAND's book faster than most MM's can get to them. Despite the very MINOR costs involved in trading with ECN's (yes MM's have to pay for every order they execute against any ECN), this more than makes up for the reliable executions you get from them.

That being said, if you are not buying or selling on ISLAND (or any other ECN) it is not because MM's are 'trading around your order'. To say that is simply foolish.

Please try to state your thoughts as a question rather than this type of speculation. You are misleading newer investors and 'pushing people's buttons' when you state untrue theories such as that one.

Thanks for posting.

All the best,

-- Gene
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