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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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To: wily who wrote (7048)4/26/1999 4:26:00 PM
From: Dan Duchardt  Read Replies (2) of 12617
 
I called Nasdaq the other day with a backing away complaint: The MM pulled his bid about 1 or 2 seconds after I entered my order to hit it. Nasdaq confirmed that the MM had liability.

Interesting... does NASD have a time stamp for everything that crosses SelectNet? I assume the only order identification the system would see would be that of your broker, which might be good enough. If NASD indeed has time stamped records, then they ought to be aware how widespread this practice is!

In the many times I've had this happen, I must say the MMs were very quick about it. Given the unknown delays in getting things from your computer, through the broker's system, and onto SelectNet, plus whatever delays there are between the MM hitting his button, and his quote change being displayed in the system, a one or two second delay does not seem likely to show up in the record as a compelling case of a violation against the MM. Did NASD give you any indication of what action they would be taking?
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