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Non-Tech : MB TRADING
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To: Eric P who wrote (1494)10/20/1998 8:40:00 AM
From: TraderAlan  Read Replies (3) of 7382
 
Eric,

<So my vote is for allowing Crossed or Locked markets with ISLD orders! Does anyone have an inside contact at ISLD???>

You're probably just being sarcastic and already know, but it's not their decision to make. From the NASDAQ Trader Chapter 2:

Market Maker Requirements Chapter 2
Locked or Crossed Market Conditions

When the best bid equals the best offer, or when the best bid is higher than the best offer, the market is considered to be “locked” or “crossed,” respectively.
Market Makers and ECNs are required by Nasdaq Marketplace Rules to enter and maintain quotations in Nasdaq that do not lock or cross the market. As a Market Maker, you are required to take reasonable steps to avoid locking or crossing the market. An example of a “reasonable step” would be to enter a preferenced SelectNet SM order into the system to execute against the bid or offer that your quote would lock or cross. If you don't receive a response within 30 seconds of sending the preferenced SelectNet order, you may then display the
order in your quote even if that quote will lock or cross the other side. If you follow these steps, you will not be deemed to have violated the Lock/Cross Rule. Locking or crossing the market without attempting to take out the other side by using a preferenced SelectNet order is a regulatory violation. See Chapter 4 for more information about SelectNet."

Alan

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