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Strategies & Market Trends : From the Trading Desk

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To: steve goldman who wrote (4214)	2/20/1999 2:36:00 PM
From: togrok	Read Replies (2) of 4969

Hi Steve, Regarding the Manning rules & broker representation at the market. Recently, I was attempting to buy (through G.Brown) a BB stock, and put in an order between the bid and ask, and waited several minutes and didn't see any representation on Level 2, and called the broker to status the order. Several minutes later I saw my order being represented, and immediately another MM displayed a higher bid. I then increased my bid such that it was 1/64 higher then the highest bid, and did not see this reflected on Level 2. When I talked to the broker about being represented, was told that the representation rules do not apply to BB stocks, and that anyway the MM's are only obliged to display bid/ask in 1/32 increments. Could you elucidate please ? Cheers ! kenny

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