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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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To: eric012 who wrote (10769)4/16/2003 5:12:49 PM
From: Dan Duchardt  Read Replies (2) of 12617
 
remember the good ole days of isld-inca arbitrage??

Remember the good ole days when MMs had to stand behind a quote for 1000 shares, and a small trader had reasonable access to the Nasdaq trading system? Then some private traders started making a bit of money, so forget that idea, let's only stand behind 100 (even when it is the MMs quote, not a client quote) and let us keep our antiquated 17 seconds to sit there and tie up the market without honoring any more orders.

ECNs have flourished because of their "what you see is what you get approach to trading", and people were willing to pay the access fees to get it. Nasdaq has done everything they can to protect their rice bowl without ever offering a system as good as ECN trading, and they had every opportunity to do so. Now they have screwed up SOES, tried to bully the ECNs into participating in a new system that was intended to tilt things once again in the MMs favor, and are crying again about how their rules put them at a disadvantage because the ECNs refused to knuckle under. They don't seem to like the shoe being on the other foot with ECNs being able to hold up the market, even with a valid quote, the way they used to do all the time with quotes they had no intention of honoring.
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