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

To: Don Pueblo who wrote (13)	7/25/2000 11:07:58 PM
From: gene_the_mm	Read Replies (7) \| Respond to of 1426

ORDER TRANSPARENCY... TLC, Any public customer order MUST be represented in the open market if it is under $200,000 or less than 10,000 shares in quantity. Anything over these quantities MUST be REQUESTED by the customer to be represented, otherwise, the MM is not obligated to represent those orders. This may be why some orders appear to be represented and others don't. If some orders did not meet the 'exemption' criteria listed above and the MM still DID NOT represent those orders than that MM would appear to be violating the SEC Order Handling rules that were created after the settlement of the Christie/Shultz investigation. A firm quote is simply an MM showing a size (be it 100 shares, 1000 or 10,000 shares). If you bid that MM for the 1300 shares he is showing and he simply lifts his offering without selling anything to you, AND there is no 1300 share print on the tape he has 'backed away' from your bid. If you call NASD Market Regulation they will confirm whether you are owed the print or not. If he owes you the print they will file a backing away complaint against the MM who can either sell you the stock or face a pending fine, among other things to punish this type of conduct. I hope that answers your question. Thanks for clarifying my original post (I knew that response was lame but I was trying to answer it quickly... sorry). Also, thanks for the kind words and I look forward to hearing more of your very knowledgeable viewpoint. All the best, -- Gene