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Strategies & Market Trends : Waiting for the big Kahuna

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To: Robert Graham who wrote (21490)	7/12/1998 8:57:00 PM
From: robnhood	Read Replies (1) of 94695

Bob, You are correct about the TSE... We have no floor anymore, and any trader , order or non-client has access to exactly the same information.. In Toronto the MM's or specialists are called registered traders, of which I am one of about 125... We receive no commision for our responsiblities, but are requred to maintain orderly markets with certain minimum spreads and minimum guaranteed fills on the bid and offering quotes. Of course these spreads and MGF's differ depending on the general liquidity of the stocks in question. We used to set opening prices , however the computer now does this by matching off buy's and sells instead of us.. There used to be a rule that 70% of our trades had to be stabilizing. I'm not sure that rule still exists, because there are now so many non-clients paying very marginal commision who don't have to obey any rules. However I would say that at least 70% of my trading is against the market anyway. We are charged ticket fees on which we get a 50% cut on trades in our stocks of responsibility. And we also get half of any order traded on the bid or offering that is no larger then our mgf... russell BTW, I just looked at your profile, Tuscon Arizona, and I am impressed with your knowledge of this. I don't think half the brokers in the offices know what we do, much less the public.

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