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Technology Stocks : Novell (NOVL) dirt cheap, good buy?
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To: dwight vickers who wrote (18608)11/21/1997 12:39:00 AM
From: Frederick Smart  Read Replies (3) of 42771
 
Dwight: I won't get into the details, but over the last year the SEC has cleaned up many of the NASD abuses. All MM's are required to display limit orders - and all must match internally against incoming limit ore market orders while your order is exposed.

It's a pretty complicated picture - SRO's, ATS's, ECN's, etc. What is still lacking on the NASD is limit order protection against prints elsewhere among other dealers, etc. In the listed environment, most competing specialists have to accept, display AND protect orders against prints elsewhere - usually versus prints on the NYSE.

The National Market System works. Spreads have narrowed considerably since the display rule took effect in the large issues - now orders in ALL NASD National Market issues must be exposed/displayed. Who's watching the store, making sure this is happening?? The SEC, SRO's - self regulatory organizations - academics and firms themselves. ALL firms now have a required responsibility to actively monitor and weigh quality and service in executions on an ongoing basis.

I know all this because I'm in the business of trading and my firm has always made it a business practice offer only the highest standards of quality and service.

I know what you're talking about, but you have to really get back into the business to see firsthand how things have really changed to benefit end customers. Customers have more power and control than ever before. The industry is counting on higher volumes to make everyone whole.

Enough said. Now lets get back to Novell.
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