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Strategies & Market Trends : Level II Trading
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To: DRRISK who wrote (637)6/2/1998 1:10:00 AM
From: Street Walker  Read Replies (1) of 1086
 
FORBES article: MM games/ comparison with NYSE and AMEX

#reply-4662757

Its a long read, but very imformative. Well worth the time.

Here's an example:

"This trading among dealers leads to some sharp practices. Let's say, for
example, the "ball" on the stock -- that is, the dominant dealer -- who
also underwrote a secondary offering in the shares recently, has a huge
order to sell. Other traders on The Street would get nervous and dump
if they saw the underwriting firm come into the market with that sell.
"So," says one trader, "you send a stooge down to bid higher for the
stock." Other marketmakers raise their bids in tandem, buyers are
enticed in, the stock gets sold without alarming Wall Street, and the firm
doing the shilling gets 1/8 or 1/4 over any cost incurred during the
exercise. "

S.W.
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