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Non-Tech : Bid /Ask Spreads - Market Manipulation

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To: Eric Hovdesven who wrote (48)	8/28/1996 12:33:00 AM
From: Robert Everett	of 308

Eric, Thanks for your interesting and informed reply. I know you know what you are talking about and I appreciate that. But I must tell you that I have changed my view of NASDAQ in recent years. I have come to believe that it is capable of reform, but that the costs are simply too high to see that process through to the end. I believe an alternative way of buying and selling stocks for the small investor is way over due. Institutions already have that in Instinet;small guys should have a electronic way of buy/sell and debiting of accounts, etc. Of course, it can be done, but what is the incentive? Who would finance it? Certainly not the dealers. They would only be cutting their own throats. Of course, the dealers need to be compensated for the risk of capital. But, for whom is the capital risked? Not the customers. So, the problems remains virtually bereft of solution. Just a guess, but I think that when MSFT's and INTC's and a few others' stockholders demand a move to the NYSE, it will ring the death knell of the NASDAQ. It will become the craps table it used to be and anyone who ventures there will deserve his fate. Bob

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