Waiting for the big Kahuna Message Board

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Strategies & Market Trends : Waiting for the big Kahuna

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To: Joseph G. who wrote (4836)	9/1/1997 4:50:00 PM
From: kas1	of 94695

yet again, i can't believe i'm wasting time just to prove you wrong. but here's an excerpt from the government document concerning market makers not being able to trade outside customer limit orders: (the full text is available at gao.gov ) The Limit Order Display Rule requires the public display of customer limit orders priced better than an exchange specialist's or market maker's quote. The rule also requires that specialists and market makers add limit orders priced at their quote to the size associated with their quote when that quote represents the best market-wide price. The rule will set standard display requirements for limit orders in all markets. The rule represents a major change for the handling of limit orders in the Nasdaq market where such orders have never been displayed. The Commission believes that the new rule will benefit investors because the publication of trading interest at prices that improve specialists' and market makers' quotes presents investors with improved execution opportunities and improved access to best prices when they buy or sell securities. The Commission also adopted amendments to its Quote Rule to ensure that all investors are fully informed of the best price at which specialists or market makers are willing to trade a security. Currently, specialists and market makers may privately display a better price than their public quotations through certain private trading systems in which priced orders are invisible and inaccessible to investors at large. The amendment to the rule benefits investors by bringing into public view the better prices in these systems and by allowing all investors to trade at these prices. In addition, the rule was amended to require that substantial market makers for any security listed on an exchange publish their quotations for that security. According to the Commission, this benefits investors by enhancing the public availability of prices for all listed securities, some of which were not published before.

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