Market Makers; What They Do vs What We Want Message Board

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Non-Tech : Market Makers; What They Do vs What We Want

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To: Francoise Kartha who wrote (158)	8/10/1997 7:09:00 PM
From: John Lacelle	Read Replies (1) of 207

Francoise, Good post/link. I have read that article before. Let me tell you my story. I think everyone by now has heard of AIPN, the small New York based oil company that was about out of business, and then found about a billion barrels in one of the former Soviet Republics. Well, I liked the numbers so I thought I'd ride the wave for a little while and put in a market order for the warrants at $0.50 per share (the close). The next day, the warrants open at 7/8ths!!! We are talking about a 57% increase in the price of these warrants before anyone can buy them. Even worse is the fact that my brokerage (I won't say which one) filled the order and I was "free-riding" since it sent me over my cash balance. I still came out ahead after everything was said and done but I am still fuming that the MM's get to make the big bucks during the "off" hours, and us puny guys (who really are "the market") have to let these MM's (Market Manipulators) run off with the big gains. The NASDAQ should be required to post off hours buy and sell orders and volume. Stepping my soapbox, I can say that we will get our dues when the NASDAQ has to change over to a decimal system. By the year 2000, we will see things like Bid: 2.28, Ask: 2.30 and I can't wait. Lets just watch those MM's try to make bucks off of that kind of spread. Until then, Buyer Beware! -John

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