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Technology Stocks : Informix (IFMX) Any thoughts?
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To: Marc Missire who wrote (30)1/10/1997 2:20:00 AM
From: Robert Graham   of 139
 
The NASDAQ trading is actually made up of an "inside" market and an "outside" market. The "outside" market is where most investors like you and I trade. The ticker you see on your delayed or real time quotes is the "outside" market. There is also an "inside" market where the dealers and their larger customers trade blocks of shares. They do this on "SelectNet". This is where the spread is a fraction of t he spread we see on stocks at the "outside" market. Larger blocks of shares are traded here. From my understanding, SelectNet is where dealer bids and ask prices are advertised. The instituations themselves have their own trading system called "Instinet". Institutions and large investors use this system to trade NASDAQ stock. This bypasses the market maker system of NASDAQ even though I hear that the daily volume is reported back to NASDAQ. As you can see, I am learning about these systems too.

The reason I want access to SelectNet and Instinet is that these systems are the only places current bids are advertised on NASDAQ stock. Also, there are brokerages starting to advertise that they give their customers access to both systems for trading purposes. This may solve a problem I have in executing trades on NASDAQ stock. When I am ready to purchase stock for a short term gain (approximately 3 weeks lets say), I usually end up trying to purchase the stock when alot of other traders and speculators are interested in the stock. So I essentially end up competing with their higher volume bids. If I knew at what price their bids were situated, then I can position my bid an eight of a point ahead of large block bids in order to aquire the stock more effectively.
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