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Non-Tech : MB TRADING
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To: Mama Bear who wrote (1501)10/21/1998 2:13:00 PM
From: peter michaelson  Read Replies (1) of 7382
 
From the NASD Manual

nasdr.com

e) Locked and Crossed Markets

(1) A market maker shall not, except under extraordinary circumstances, enter or maintain quotations in Nasdaq during normal business hours if:

(A) the bid quotation entered is equal to or greater than the asked quotation of another market maker entering quotations in the same security; or

(B) the asked quotation is equal to or less than the bid quotation of another market maker entering quotations in the same security.

(2) A market maker shall, prior to entering a quotation that locks or crosses another quotation, make reasonable efforts to avoid such locked or crossed market by executing transactions with all market makers whose quotations would be locked or crossed. Pursuant to the provisions of paragraph (b) of this Rule 4613, a market maker whose quotations are causing a locked or crossed market is required to execute transactions at its quotations as displayed through Nasdaq at the time of receipt of any order.

(3) For purposes of this paragraph, the term “market maker” shall include any NASD member that enters into an electronic communications network, as that term is defined in SEC Rule 11Ac1-1(a)(8), a priced order that is displayed in The Nasdaq Stock Market. Such term also shall include an NASD member that operates the electronic communications network when the priced order being displayed has been entered by a person or entity that is not an NASD member.
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