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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 (17)	7/25/2000 11:26:32 PM
From: Don Pueblo	Respond to of 1426

Thanks very much for that excellent clarification. If anybody gives you any trouble at all, just whistle and I'll send my cousin over. He's a great negotiator.

To: gene_the_mm who wrote (17)	7/26/2000 12:21:01 AM
From: Don Pueblo	Read Replies (1) \| Respond to of 1426

Good morning/afternoon! Another question: on numerous occasions, I have seen an ECN on a bid or an ask when several trades went off at that price and the ECN order did not go away. An example: CSCO has ISLD (and nobody else) on the ask for 200 at 68. Ten trades go off at 68, for various amounts other than 200, but the ISLD ask does not change and nobody else appears on the ask. Then a trade goes off for 200 on ISLD and there is a new and different asking price. Assuming you have seen this, can you explain how and why it happens? Thanks, TLC

To: gene_the_mm who wrote (17)	7/26/2000 8:19:33 AM
From: Dale Baker	Read Replies (1) \| Respond to of 1426

Hi Gene - The other day I had a limit buy (thru ETrade) for a stock at 5 1/4; the stock opened at 5 3/16 x 5 7/16. My bid never showed until the bid jumped over 5 1/2. Looks like there were prints at 5 3/16 but I don't have the tape to determine the size. Someone thought there was a rule exempting MM's from showing best bids for the first 15 minutes of the trading session. Never heard of that myself. True or just SI fiction?

To: gene_the_mm who wrote (17)	7/26/2000 9:28:31 AM
From: broken_cookie	Read Replies (1) \| Respond to of 1426

Hi Gene, Welcome to SI. Here is my question. By what means do NYSE stocks trade overnight? Rich

To: gene_the_mm who wrote (17)	7/26/2000 9:42:19 AM
From: Mark Z	Read Replies (1) \| Respond to of 1426

Hi Gene...I've a question regarding market-on-close orders on listed stocks. I trade SCH and a few weeks back there was a clear trading pattern that seemed to be tied to someone knowing about moc orders. About 1/2 hour before the close, SCH would run up, one day 2.5 pts which is a lot for SCH for a 1/2 hour, but usually 3/4 point or so. Then after the close I'd see prints (moc orders) above the closing ask for upwards to 25% of the day's volume. Was someone aware that there was a lot of moc buy orders waiting and buying to run the price up and sell into it? Or maybe my question is: who knows what the moc order book looks like besides the specialist? And how late can a big buyer place a moc order...do they have up until 4:00 pm or is there an earlier deadline? BTW, this was a very tradeable phenomenom for about 10 days and stopped once they reported earnings. The same pattern occurred with FDX for about 3 or 4 days before it reported.

To: gene_the_mm who wrote (17)	7/26/2000 6:20:12 PM
From: TimF	Read Replies (2) \| Respond to of 1426

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 Does it work the same way with options? One time I tried to buy a call order I put in a limit order for something like 13 (right on the bid) and the ask was maybe 13 1/8. The bid stayed the same and the ask kept moving back and forth between 13 1/8 to 13 1/16 and then to 13 and then back up, without me getting filled. Tim

To: gene_the_mm who wrote (17)	7/26/2000 7:14:04 PM
From: If only I'd held	Read Replies (1) \| Respond to of 1426

Gene, first let me say that it is a priveledge to have you on SI and I hope you have been greeted with a nice warm welcome so far. I'm still reading so I don't know exactly who has said what yet. But I am grateful for your presence and your willingness to share information with us "little folk". You said... 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 have this happen to me all the time thru ARCA. I can't even begin to tell you how many times I have sat face to face with a market maker matching his ask, or his bid, and they refused to honor the order. I have complained about it on more than one occasion to my broker, and they reply to me that not all market makers are required to "cross" with ARCA. Is that true? If it isn't, who should I be complaining to? It really makes me mad when I see a market maker sitting on a bid showing 5k shares and they won't take even 100 shrs from me...or vise versa. Many times, they won't back away until I do. But I'm talking 5 minutes or more. They just sit there, and just won't do the fill. Sometimes I just plain get the impression that these guys don't want to do business with daytraders or something. I'd be interested in knowing what the process is to bring them "in-line". Thanks, Greg