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To: Kathryn Anshutz who wrote (2835)	6/8/1999 2:49:00 PM
From: Jim S	Respond to of 17683

Your explanation makes a lot of sense, Kat, but it has one major, insurmountable flaw -- it doesn't allow me to vent my spleen against Merrill and Goldman. I get far too much enjoyment from complaining about them to ever accept your theory. <g> Seriously, I think we both have part of the picture. What bothers me is that any price improvements will be for the member broker/dealers only, and if it should happen to benefit an individual investor, it will be by the grace of the broker, not the fairness of the trade. By reducing the visible spreads (increasing liquidity), it simultaneously hides the real spread from the public. Their system will be embraced by other brokers because it allows them to keep a grip on the markets. It is their rice bowl, so I suppose I can't blame them, but I'm still a fan of ECNs, with their open and above board trading. Have a good 'un, jim