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Technology Stocks : Electronic Retailing Systems International (ERSI Nasdaq)
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To: Stephen Pilgrim who wrote (13)8/28/1996 8:26:00 PM
From: A.J. Mullen   of 92
 
"Why are the spreads between the bid and offer price so large on Nasdaq ?"

Good question. Search on "market manipulation" for discussion. One explanation may be that the brokers in AIM are carrying losses while attempting to establish that market for small companies. Nasdaq is so well-established that brokers/market-makers hit the truly small companies with hefty spreads to make them "worthwhile." Otherwise it is odd that huge NASDAQ is less "efficient" than tiny AIM. The pricing of commissions is weird on NAsdaq too, it depends on the NUMBER of shares, which hits cheap stocks. That must have made sense in days of quill pens, but wasn't NASDAQ the first electronic dealing system?

Having given up on the idea of arbitrage as too much hassle, I'm not planning on selling until my holding slightly more than doubles, and then I'll halve my stake. But, then that might not too long, I'm up over 50% in two weeks or so. :-))
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