Novartis Message Board - Msg: 2723013

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Biotech / Medical : Novartis

NVS 126.63

+0.9%

3:59 PM EST

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To: Doug who wrote (112)	11/13/1997 11:23:00 PM
From: Valueman	Read Replies (1) of 296

Doug: I think what you see as bid/ask are the converted price when the US market opens(Switzerland is still trading)based on the Swiss price. Then, when they change it once during the day, it coincides with the market closing in Switzerland(just a guess). Once the Swiss market closes, NVTSY moves with our market---so, if we have a big down afternoon, the bid/ask will be way too high, and vice versa. I have been quoted a bid/ask that is 2 points different before. On low volatility days, it is very close. I use a firm that clears through Pershing/DLJ and they get me a true quote in about 30 seconds calling the New York trading desk. Real bid/ask is probably posted on NASDAQ Level II quote systems, but I am not sure.

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