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Strategies & Market Trends : From the Trading Desk
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To: steve goldman who wrote (2999)5/6/1998 5:11:00 PM
From: John Hunt  Read Replies (1) of 4969
 
Steve,

A real problem with both the Nasdaq and the options market is that there is no preference given to public orders, as exists on the NYSE specialist system. Market makers should be making markets only when there is a need to make a market and this would justify their 'fees'. Instead, they make markets when we don't want them to and refuse to make markets when we want them to, as in 1987, when they refused to answer their phones or today when they refuse to honor their posted offers.

All this is changing as more and more trades happen on ECN's. They are becoming obsolete, they just don't know it yet.

Of course, all just my humble opinion.

:-))

John

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