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: DizzyG who started this subject	11/29/2000 7:30:34 PM
From: gene_the_mm	Read Replies (6) of 1426

SORRY FOR MY PROLONGED ABSENCE...AGAIN... I apologize for not being around, especially to those of you with questions that I have not responded to. While I will give a better report for all of you after this Saturday (the 3rd and final SUPERSOES testing date), I will tell you this: The system had some glitches and several firms had problems interacting with the new system. However, regarding executions you will receive 'fill' reports within 2 to 4 seconds of entering the order (it is not like the wonderful ISLAND book that executes instantly). When the SOES queue gets hot with orders it appears the fill message will drag a bit. However, the system looks to do exactly what NASDAQ intended by forcing market makers to print or move. You won't see firms 'tying up stocks' for whatever reason anymore. If you are there, you are making prints...every 2 seconds until you get filled. Keep in mind however that when the big MM's have something to do there is almost no way for the smaller players (that goes mostly for momentum day traders) to try to run ahead of the momentum because the SOES queue will have a time-sequenced execution route. That means that if someone needs to buy 50,000 to 100,000 shares those order MUST get filled first. Imagine a time of panic...like what tomorrow may end up being, and all the big MM's load up the book. Where are you going to get your executions? Not ISLAND. I have seen how fast that book gets smoked... Unfortunately, in times of crisis and mania there will be no way to 'run ahead' and get an execution because SELECTNET will have no liability anymore. It makes it bad for everybody but the big firms with there large proprietary and institutional interests. Some leveling of the playing field huh? But keep in mind this is just my humble opinion... we will see. Not to be the bearer of bad tidings but just remember I have been against this new system from it's onset. I hate to see the big firms use their clout to further only their own interests. SIGH I will post more when I know more... Good luck to all... I believe the decimation is near an end... but only time will tell. All the best, -- Gene

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