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To: LPS5 who wrote (8242)	5/31/2000 12:36:00 PM
From: Dan Clark	Read Replies (2) \| Respond to of 12617

LPS5, I'm not sure I follow your logic when you say, "Going to penny spreads right up front would wreak havok on NASDAQ volume and might prove too abrupt a shift for individuals and dealers." I don't see the havoc. Why would the volume increase? What is your rational? Regarding too abrupt a shift for dealers, why should we care if their profits decrease? They are just traders like the rest of us. What is your rational? Regarding too abrupt a shift for individuals, again I don't follow your logic. It seems to me that this will reduce spread and therefore reduce my risk. What individuals are you referring to? Professional traders? Not a problem. Amateur traders? Not a problem. Investors? They'll never know the difference except that, with narrower spreads, they're likely to get a better price (assuming that their broker gives them current market prices). What is your rational? Going to $.01 minimum benefits traders and investors. I see the whole $.05 minimum issue as a last ditch stand by the Nasdaq to prop up Market Maker profits. It does NOTHING for traders and investors. Regards, Dan.