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Strategies & Market Trends : From the Trading Desk
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To: The Perfect Hedge who wrote (1739)11/20/1997 5:52:00 PM
From: steve goldman  Read Replies (1) of 4969
 
Yes. On a listed stock, the inside picture represents (usually in round lots of 100) the number of shares bid for and offered. You usually don't get a more detailed picture of the specialists book unless you ask your floor broker and are dealing with a firm that will provide this service to you.

OTC, the inside size usually does not represent the number of shares being bid or offered since 1) the picture can change very, very quickly with just a few trades 2)mm get a number of seconds to hold up the stock, not being soes exposed 3) but most importantly ifyou saw something like 20x 30 on your nasdaq quote, this is probably not the inside picture. Inside nasdaq picutres are called level2 and provide a picture ,dynamic or snapshot of the market makers and their positions. The number of best bidders and number of best offers make the picture. go to yamner.com and then to yamner univ. go to nasdaq market. It nicely explains the otc market and the specialist exchanges.

I have looked at several different quote machines and have been trying to correlate the inside otc size (10 x 20) with what the l2 picture shows. I think it is the number os shares the largest bidder/offer is quoting.

Regards,
Steve@yamner.com
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