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Non-Tech : Meet Gene, a NASDAQ Market Maker
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To: Don Pauley who wrote (1318)2/17/2001 12:55:34 PM
From: rjm2   of 1426
 
The manning rules are such that if the market maker holding YOUR order traded in your stock at or better than your price, you would deserve an execution. Otherwise, it has to bid at your limit.
For me, the threat of an nasdaq complaint always helps. They often go ahead and give you the fill because they know they will spend 3 hours answering the complaint. And its cheaper to give you the fill. Of course, I always have a strong case, but they are left with a wide open door at the "open" which they regularly abuse.
The trick is to get your broker to call the market maker and tell him you WILL be filing a nasdaq complaint.
of course, i only do this when I am am sure the market makers failure to display my limit order was the reason I didnt get filled.
With orders less than 100 shares, they dont have to display you so you have little ground to stand on unless the bid was equal to or in excess of your limit price.
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