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To: TFF who wrote (8010)3/7/2000 12:46:00 PM
From: Wayners  Read Replies (2) | Respond to of 12617
 
A central limit order book, all trades done on ECNs with penny spreads, no market makers at all and everybody has real time access to the central limit order book. I don't know. I think you might see all bids completely disappear in times of turmoil and there be no liquidity whatsoever. The liquidity function is the one thing the market makers do right but at a high price. Reasonable, not exorbitant profits for MMs is the key.