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To: lee kramer who wrote (81882)	2/6/2000 6:36:00 PM
From: Scrumpy	Read Replies (1) \| Respond to of 120523

Lee, I don't think you'd want to flash a 1,200,000 share buy order to other day traders. Nor do I think Michael Jordan will sit at home with his 800,000 share sell order, bleeding it out in lots of 5,000. The NYSE (and members) will continue to cater to large institutions, hedge-funds, and high net individuals. The rich will pay a little more for the ostensible "value-added" service of price stability. What bothers me is firms brag about the latter point while the specialist gaps Lucent down 35% (real price protection there, eh?). What's worse is the NYSE will begin decimalization mid-year. ...imagine a bunch of guys and gals running back and forth entering penny price spreads. It'll get ugly, and the orders will take three times as long to get filled.

To: lee kramer who wrote (81882)	2/7/2000 7:33:00 AM
From: Doug Robinson	Read Replies (1) \| Respond to of 120523

IMHO, I think the proposed margin requirements are needed. Some of the stories I've heard from brokers regarding the forced losses that the small trader has faced on a margin call, weren't nice. People have had substantial portions of their investment savings wiped out since they didn't have the resources to cover. For many, it took a number of years to accumulate the money and in a matter of days during a quick correction, they have been forced out of stocks that ran up substantially shortly thereafter. Yes, I know that many of the small players feel that they can do well on margin. Maybe, but let's face it, if they have been playing for any period more than three to six months, they shouldn't have any problem with the new margin requirements if they know what they are doing.