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

To: brec who wrote (8181)	5/3/2000 12:31:00 PM
From: Bilow	Read Replies (1) \| Respond to of 18137

Hi brec; And when the market maker ends up out of the game, he presumably has to requalify as a market maker in that stock. Similar to what happens now if he pulls his bid or ask out of a stock for too long? One effect of this is that every once in a rare while we will see small cap stocks (with big news and price changes) but with no bids or asks for seconds at a time from the market makers. Just ECNs, and maybe not them. Of course what we currently have is small cap stocks with market makers present, but not actually providing shares during big price moves. But still, psychologically, they are providing quotes to look at. :) -- Carl

To: brec who wrote (8181)	5/3/2000 12:42:00 PM
From: OZ	Read Replies (1) \| Respond to of 18137

I think I have it now. I just got off the phone with Nasdaq Reg. and what they said is that if a MM does not appear "somewhere in the box" for 5 minutes, their status becomes "Soes Out" or "Soes Out of the Box". At which time they cannot rejoin the market without re-approval from Nasdaq. The key is that when they refresh their quote, the MM does not have to do so anywhere near the inside market. Which is essentially the same as being out of the market. Before calling, I was not sure about what the rules were about where they can or cannot refresh. OZ