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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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To: TFF who wrote (6662)3/9/1999 5:28:00 PM
From: CanynGirl  Read Replies (3) of 12617
 
thestreet.com

I learned this recently when my firm had the opportunity to sell a large chunk of an institutional-class Internet name. We used Hambrecht & Quist for the sale because it involved some Securities and Exchange Commission filings, so it was best to concentrate the shares with one firm, rather than shop around to disguise our size. Their traders crossed several hundred thousand shares in just two days. But what was most remarkable to me is that the average trade size was 200 shares. That's right, 200 shares.

At first I suspected that the buying interest came from retail investors, from folks on E*Trade and Schwab. It smelled like retail: As I watched the trades go by, maybe only five or 10 executions over the two days were for more than 1,000 shares.

But when I scrutinized the trading more closely, the action suggested quite the opposite: That it was institutions buying, because many of the bids were coming from Goldman Sachs and BancBoston Robertson Stephens. But no one -- neither H&Q nor Goldman nor any other market-maker -- would advertise more than 200 or 300 shares at a time on Nasdaq's Level II. What I finally figured out is that the electronic communications networks that match trades control so much of the flow that the big guys with big capital have to take tiny 200-share steps, just like the little guys.
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