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Pastimes : Daytrading and Stock Trading Addiction
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To: Adamson who wrote (127)1/14/1999 1:15:00 AM
From: Sword  Read Replies (2) of 330
 
Adamson:
What I meant by that is they lowered the minimum exposure from 1000 shares to only 100 shares on many stocks. This means that when a trader wants to buy at the market, the MM will only have to sell 100 shares before upticking the stock (if they are the only one at the inside ask). Therefore, the ask "exposure", for example, is the amount that the MM is required to sell if they get hit with an order. Anything beyond that and they can back away from it. They have 30 seconds to decide to either refresh or change their asking price. Thus when a stock is getting lots of attention by investors, it moves very, very fast.

-Sword
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