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Strategies & Market Trends : After Hours Trading(ECN)-The Coming 24/7 Trading Explosion
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To: brec who wrote (40)4/9/1999 7:00:00 PM
From: Lola  Read Replies (2) of 314
 
"What happens when a member doesn't find a matching order on the electronic system that is reasonably near recent transaction prices?"

Because the computer weighs the buys and sells against each other after every transaction, the chances of being unable to sell at a reasonable price are much lower than in the MM system. The computer creates a true orderly market in which liquidity is increased, not decreased.

Also because people know that a computer cannot manipulate, they do not fear putting in stop loss orders etc for fear of being taken out due to stock manipulation.

"I don't see how one can reasonably expect to turn around and sell at the same price what one has just bought. Spreads are inherent in markets."

That statement shows that you have been brainwashed into thinking that an immediate decrease in your investment is a necessary part of investing. That is a FALSE idea which has been pounded into the minds of Americans. It is NOT necessary to immediately be in a loss when investing. That is ridiculous. An investor should think that his investment (if a smart one) should INCREASE in value not DECREASE. I cannot understand why you would reasonably expect to immediately be in a loss unless you made a poor choice in picking the stock. Stocks should not be sold retail. The idea is un-American.

There is no justifiable reason to have a middle man on a listed stock on a major stock exchange. NONE. I would rather take my chances with a computer than a bunch of manipulative people. Believe me, it is much more fun trading with a computer than a market maker. More profitable too, I know this from experience.

I find it difficult to accept some of the statements being made on this board about the need for MMs. The way MMs operate these days does not create orderly markets. Orderly markets do not have such high volatility as is evidenced by many stocks on the Nasdaq. There is truly something evil happening on the Nasdaq.

Lola
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