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Microcap & Penny Stocks : PKGP (Packaging Plus)
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To: Jonathan Lebed who wrote (1150)5/12/1998 3:55:00 PM
From: Steve Casey  Read Replies (2) of 4783
 
So how can the MM's hold the price down if the actual ORDER determines the bid and ask? See attached definitions from copied from Micro Cap Investor. smallcapinvestor.com
I think the old rules no longer apply and PKGP should be moving on its own merits. Either up or down <obviously down at this point>

UPDATE - Summer 1997
The SEC's new Order Handling Rules allow INDIVIDUALS, as well as market-makers, to help set the prices for
Nasdaq stocks. If an limit order is submitted which is better than the current bid or ask, that limit order will set the new
bid or ask for the stock (subject to some restrictions). For example, if someone would like to buy shares of CSLMF
($1.50 bid, $1.75 ask) after it becomes subject to the new rule but didn't like the $0.25 spread, that person would be
able to submit a limit order at $1.625, and that would become the new bid price. This is great news for smallcap and
microcap investors. In the past, the bid price would have remained at $1.50 because only market makers were able to set
prices. The new rules should be phased in for all Nasdaq stocks by October 13, 1997.

The new rules also require dealers who display quotes on private systems, such as Instinet, that are better than their
publicly quoted price to publicly display those superior prices.
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