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Strategies & Market Trends : STOCKS WITH ATTITUDE TEAM - FA/TA AND EVERYTHING ELSE
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To: Ken W who wrote (64)12/14/1997 2:58:00 AM
From: David Smith  Read Replies (2) of 2377
 
Ken, I am not sure what your message was in reference to, but I noticed the following post you made recently on the CAFE thread:

"A MM is a Market Maker. A Market Maker is the company that is in charge of maintaining an orderly supply and demand market in a stock. MM's have a seat on the floor of the NYSE and NASD."

Ken, a few important points. First, a market maker is most definitely NOT responsible for maintaining an orderly market by matching supply and demand. That is the role of a SPECIALIST, who sets prices for listed stocks on the NYSE...the NYSE is an auction market, while the Nasdaq is a dealer market. Second, there is no such thing as a "seat on the floor of the NASD"...indeed, there is no centralized floor. The Nasdaq market is composed of thousands of dealers in every state in the country. A market maker can be your corner brokerage in small-town Iowa, or a global financial powerhouse like my employer. It is an electronic marketplace linked by selectnet, soes, various ECN's, and occasionally the telephone.

If you are going to be in charge of evaluating market maker activity on this thread, you should be sure you understand these concepts first as they are important.
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