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Non-Tech : Meet Gene, a NASDAQ Market Maker -- Ignore unavailable to you. Want to Upgrade?

To: gene_the_mm who wrote (5)	7/25/2000 9:07:45 PM
From: EL KABONG!!!	Read Replies (1) \| Respond to of 1426

Gene, Please explain the difference between a floor specialist and a market maker. I know that one works at the NYSE and the other in NASDAQ, but what are the differences in these two similar yet different jobs. TIA. KJC

To: gene_the_mm who wrote (5)	7/25/2000 10:01:55 PM
From: Janice Shell	Read Replies (1) \| Respond to of 1426

Welcome, Gene! No one could possibly call you "obnoxious". You were even fairly restrained with the morons from RB's MMManip thread. (Which is getting worse by the moment; I may have to stop posting before I say things that'll get me tos'd.)

To: gene_the_mm who wrote (5)	12/5/2000 12:23:30 AM
From: darvasdarvas	Read Replies (1) \| Respond to of 1426

Gene I use Buy and Sell Stop orders to do my trading. I only trade on NASDAQ. The market makers are killing me with slippage, filling my orders in several small lots of 100 shares or more at progressivly worse prices. I was told that my Stop order becomes a market order once the price is triggered, but then it is not processed on a level playing field with the other market orders. It first goes to the end of the queue of market orders, and when finally reached, it is processed manualy, not electronically, causing further delays. They also tell me that there is an "AUTOFILL" which each market maker sets for himself (sometimes zero shares), in which the order is processed electronically for that many shares. Finally when I ask why my 1000 share order was filled in 7 smaller executions, I am told that there was only 100 shares in size on my side. This is told to me even when the stock is trading in the millions of shares. I am concerned that the market maker is delaying my order and then filling it out of his inventory, or buying/selling it and then filling my order. There is no way for me to prove any of this, since even examining the Time-And-Sales only shows data for all market makers lumped together. I assume that most market makers are honest people. Still, they have families to support, and the system, as I have explained, is like being in a candy store for them. Can you explain how you process Stop Orders (or if not, how Stop Orders are supposed to be processed, as specified by the SEC). I would also be interested in how I might arrest this excessive slippage when using Stop Orders. DARVASDARVAS P.S. I remember that a few years back, Market Makers were required to fill 1000 share orders, regardless of the size, and this was changed to 100 shares. Can you comment on this.