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Microcap & Penny Stocks : Tokyo Joe's Cafe / Societe Anonyme/No Pennies
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To: Baker Street who wrote (18009)11/28/1998 3:57:00 PM
From: kendall harmon  Read Replies (3) of 119973
 
This is a very helpful piece from Gary Smith's column. As a Brown customer myself since 1989, I have been very satisfied with their work overall. However, in the last week especially, I have noticed exactly the same thing happening with (a few) Nasdaq orders. It is very clear to me that the problem is not with Brown, but with a shift in behavior by the market makers.

Tim Luke is correct of course that Level 2 and time of sales is a crucial means of support. But in very fast market conditions, MM's are singing a different tune. Regularly I am told in fast markets which are handled manually the mm's need to be given 4 minutes to fill. In other words, even if time of sales shows a certain price when an order is executed, if the price one is given actually appears on TOS within four minutes then one can do nothing.

Then, on Friday in a trade with AMEN, which I admit was moving all over the place like a rocket, I was told by a Brown trader that the mm's were giving them a 7 minute window. I am still absolutely stunned by this. I told the Brown trader that the mm's are basically taking away any possibility for entering a market order for any "fast market" stock, which as many on this board know is sometimes what was has to do to get a fill.

It is clear that MM's are altering their behavior to punish the little guy as much as possible. We need to think creatively about responding to this practice as decisively as possible so it is nipped in the bud.

Seven minutes!!! Some of these internet darlings could move 10-15% in that time!!! Give me a break.
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