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

To: Dave O. who wrote (8186)	5/3/2000 2:28:00 PM
From: OZ	Respond to of 18137

So then, can he post far away from the inside bid/ask and then later update to get back on the inside bid/ask. Sounds right

To: Dave O. who wrote (8186)	5/3/2000 5:00:00 PM
From: Dan Duchardt	Respond to of 18137

Dave, So then, can he post far away from the inside bid/ask and then later update to get back on the inside bid/ask. In essence he would leave for just a few seconds before coming back to where he was minutes earlier. Doesn't sound a lot different from guys quoting 100 shares now and then continually refreshing. . . If the MM chooses, s/he can do that now. The difference is that at present they can stay at the inside market with a dormant quote eliminating the possibility of the inside market moving. You can trade past them with ECNs and SelectNet, but at present SOES orders get blocked from the "true" best quotes by these dormant quotes. This change should eliminate the practice of an MM who might really be a big buyer using token offers of 100 shares to block the advance of the ask, which would create "space" for higher bids. Likewise going the other way. The numerous occurrences of single MMs at the inside market showing small size should end. Dan