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Non-Tech : Meet Gene, a NASDAQ Market Maker
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To: Dan Duchardt who wrote (931)9/1/2000 2:10:07 AM
From: Apakhabar  Read Replies (1) of 1426
 
Dan,

Consider the idea that MMs have taken a "traders first" attitude as a direct response to the competition they now have from daytraders, especially those with direct-access.

You say (and I think it's the theme that runs through your posts on this subject) that MMs "create volatility in order to fool investors into panicked reactions." But it's traders, not investors, who make 99.9% of the panicked reactions (and most of these traders are market professionals). And a panicked reaction is a psychological and/or emotional event; surely you don't suggest that the rules of the marketplace be made less free to some participants (the MMs) in order to protect other traders from their own unprofitable emotions?

What I find objectionable about your argument is that it promotes less volatility. How, as a trader, can you want that?
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