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Strategies & Market Trends : DAYTRADING Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: Bilow who wrote (2454)	8/6/1999 7:19:00 AM
From: Eric P	Respond to of 18137

I SOESed into MERCS this morning at 4 1/8th. The MM was showing 200 shares, and I was asking for 400. I thought that because of the new rules, he would have to fill me for all 400 or get off the ask. The rules require that the market maker must post a minimum of 100 shares. Once hit for their displayed size, they have 17 seconds in which to either refresh their quote at the same price, or change their quote price/size. Obviously, the could fill 10+ orders within a few seconds, if they want to. But, they are not required to fill more than one order every 17 seconds. The old rule used to be a minimum quote size of 1000 shares (on the bigger stocks) and they must be willing to accept two executions (i.e. up to 2000 shares) at this price. I don't know whether they are still required to fill two orders totalling double their quote size. Maybe someone else knows? -Eric