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Strategies & Market Trends : Americans 4 "No Own - No Sell"
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To: Ga Bard who wrote (310)10/4/2001 1:39:24 AM
From: ahhaha  Read Replies (2) of 455
 
I would prefer doing away with the following:
1. any tick rule

That would make no difference, so I agree. That's what the SEC wishes to test. They will find it makes no difference, just like when Congressional investigation of short selling in the '30s discovered that the uptick rule was superfluous. The law was instituted because the people demanded blood for their losses.

2. Market Makers

The MMs are almost superfluous now given the volume. Just think about it. You're an MM sitting at a computer with 20 other guys in the room doing the same thing and on your screen is a long list of MM firms which have the same at their digs. The law of large number guarantees that you can't do anything but your job, and that means get on the other side of the public action. Specifically, you have to buy when the public sells, and at where other public isn't bidding close enough to make a contiguous market. Similarly on the other side. And you have to do it competition with all those other MMs whose order structure you can't see. You end up acting like a machine. Indeed, in several years the MM function will be automated. I wonder what all you patzers will complain about then? Got it. The greedy evil capitalist pigs rigged the machine to rip off the poor innocent law abidin' honest public once again.

3. Borrowing stock (Put up cash as collateral)

If you post stock to maintain margin you have to post 4 times the effective cash value. Initial margin requires cash. You can't post stock. These stipulations are tougher than your suggestion or subsumed already in it.

4. no disclosure and fueling offshore naked short selling

Before you make these unfounded claims blown up by sensationalists into fodder for fools, you should learn the subject matter. I know that requires that you have trust in something, but if you take actions in markets, you are making many trusting assumptions that you simply don't wish to admit.

I would like ECN & ATS in the place of Market makers with a No Own No Sell absolute on non-marginable securities.

You show yourself to be an amateur when you make this statement. You won't believe it, but you'd get better treatment from an MM. The reason why is that the MM is human. The ECN just flushes you down the toilet. You have set up a chute that shoots you down.
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