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Microcap & Penny Stocks : DCI Telecommunications - DCTC Today
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To: charles catlett who wrote (12857)12/17/1998 8:21:00 AM
From: James Harold Alton  Read Replies (2) of 19331
 
Charles, I didn't have time to read them all, but these are sure interesting links. (GG) The numbers of violations by some of these MM's is pretty amazing, here is just one out of a long string that I snipped from FRAN's list...one of the MM's that has many times in the past aggressively walked our ASK down, but seems to often avoid filling buy orders if the come in:

IN ADDITION, FIRM FAILED TO CONTEMPORANEOUSLY EXECUTE THREE CUSTOMER

LIMIT ORDERS AFTER IT EXECUTED TRANSACTIONS FOR ITS OWN MARKET MAKING ACCOUNT

AT PRICES EQUAL TO OR BETTER THAN EACH SUCH CUSTOMER LIMIT ORDER. THIS

CONSTITUTES A VIOLATION OF NASD CONDUCT RULE 2110 AND IM-2110-2.

It was somewhat reassuring to note that a lot of fines (though often quite small) have been paid by many of our MM's for these practices, so the SEC does apparently respond to complaints.

James
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