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To: Due Diligence who wrote (392)	12/11/1999 9:02:00 PM
From: pressboxjr	Read Replies (1) \| Respond to of 2080

That should even the "odds" a little, don't ya think? Keep up the good work, my friend. JR

To: Due Diligence who wrote (392)	12/12/1999 5:27:00 PM
From: SusieQ	Read Replies (1) \| Respond to of 2080

Very nice article on MM manipulation, definitely a lesson to be learned in reading this. These amazed me: Numerous market makers collaborated without disclosure to their customers in ways that misled and disadvantaged their customers and other market participants. These market makers coordinated their price quotations, their transactions in securities, and their trade reports. For example, the investigation found that some market makers have displayed quotations at prices at which they did not intend to trade in order to help another market maker trade, have orchestrated artificial increases or decreases in prices of trades, and have improperly delayed the reporting of trades to the Nasdaq market for their benefit or that of another market maker. ù Some market makers, without disclosure to their customers, shared information with each other about their customers' orders, including the size of the order and, on occasion, the identity of the customer. They also shared information about their inventory positions, trading strategies, and the prices they planned to quote. ù Numerous market makers frequently have failed to honor their price quotations in violation of Commission and NASD rules requiring firm quotations and prohibiting misleading or fictitious quotations. Certain market makers have also refused to honor their firm quote obligations in a selective and discriminatory fashion as a means of punishing certain market participants. This conduct was anticompetitive, inconsistent with the operation of a free and open market, and resulted in unfair discrimination between and among market participants. Susie