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Non-Tech : Meet Gene, a NASDAQ Market Maker
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To: rjm2 who wrote (1241)11/30/2000 7:28:49 PM
From: LPS5  Read Replies (1) of 1426
 
The "tax" is a perjorative term used by individuals who disapprove of the proposal by which which ECN costs would be incorporated into the price quote.

By way of example, if the inside market was 20 x 20 1/4, dealers (who don't charge to access their quotes) offering at 20.25 would appear as such. An ECN offering at 20.25 that carries with it a $.02/share access charge would, as I understand it, either

(a) be last in line at the 20.25 level (after all of the access-free quoting entities were taken); or,

(b) would be quoted not at $20.25, but at $20.27, reflecting the $.02/share fee levied by the ECN on those accessing its' liquidity.

I personally like option b, as it truly reflects all the costs involved in the transaction, but am not sure which option (a or b) was described in Proposal #8.

LPS5
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