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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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To: Dan Duchardt who wrote (10770)4/23/2003 12:14:55 AM
From: Mark Davis  Read Replies (1) of 12617
 
Very understandable , the reluctance of Nasdaq and NYSE to implement changes that advantage some party other than Market Makers.

Since the MM's are no smarter than anyone else, their edge comes from STRUCTURAL advantages. A small delay here, a backaway there. Now that the ultimate edge, the spread has narrowed to a sliver, they have become desperate, and some had to be carted off wearing silver bracelets recently.

Can you imagine how it was when they had to print 1000 share blocks of everything, in the face of an index ramp or some other event. I saw what that looked like, but wasn't 'hip' enough or bankrolled enough to take full advantage.

The MM's almost have it easier now, as they can do their business hidden behind ecn's and showing tiny size. I've even come upon a bizarre signaling system they use, but it's not much use to me.
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