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Strategies & Market Trends : After Hours Trading(ECN)-The Coming 24/7 Trading Explosion

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To: Lola who wrote (31)4/9/1999 1:58:00 PM
From: brec  Read Replies (2) of 314
 
Without market makers or specialists market orders become imprudent due to the possibility of temporary periods of illiquidity -- lack of bids/offers near recent execution prices -- in any given security. Can the "regular guy ... the one who really fuels the stock market with his hard earned dollars" be re-educated to use only limit orders? Or, if he gives the equivalent of a market order to an agent/broker who then places and monitors limit orders, can the customer be re-educated to wait a few hours or days for a fill/confirmation?

Relatively few securities have the utter liquidity of the big tech/net stocks. Without market participants who undertake a responsibility for providing liquidity, the "regular guy" who wants to buy or sell a few shares of Podunk Steel & Bagel is going to have to become accustomed to some trading inconveniences.
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