Momentum Daytrading - Tricks of the Trade Message Board

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Strategies & Market Trends : Momentum Daytrading - Tricks of the Trade

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To: brec who wrote (1722)	12/20/1998 10:37:00 AM
From: Kimberly Lee	Read Replies (1) of 2120

<<NASDAQ requires traders to take "reasonable steps to avoid locking or crossing the market,">> That's exactly what I said, in slightly different semantics. <<<A market maker can cross/lock inside market if he has a large size order and he has SUFFICIENT REASONS to believe that the current inside quotes will not be able to fill his order.>>> "Sufficient reasons" include the possibility of using SNET to preference the opposing mms or simply use SNET broadcast and wait for 30 seconds first. But in a fast market, the most an mm would do is making a quick phone call, "look, I have huge size coming, fill what you can and step away from the offer/bid! Hurry, I am going to cross/lock you in few secs" On Nov 27 and Nov 29, for instances, BAMM's market was crossed/locked over 100s of times during the course of a trading session. When XMCM first opened, BEST was sitting at 32 offer while Troster and other mms were bidding 34 for about 5 - 10 minutes. There are many more examples. These are just the glaring ones that come to my mind instantly.

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