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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 (63)	7/26/2000 9:32:16 PM
From: LPS5	Respond to of 1426

Instinet and the REDIbook will permit listed trading until about 7:00pm and 10:00pm Eastern, respectively. Also, the Chicago Stock Exchange and PCX keep their trading floors open until 4:30 and 5:00(?). Besides these "continuous" trading locales, Instinet, POSIT, and the AZX run crossing networks between 4 and 6 that cross listed orders, while eVWAP (a new ATS which I mentioned in a previous message) does its' once-daily crossing of issues just after the 4:00 close. Third market trading that goes on here in the states generally tapers off at about 6:00 or so, though because certain foreign exchanges trade ordinaries (the "actual" shares) or ADRs (American Depository Receipts), trading can effectively go on nearly continuously in certain issues. LPS5

To: gene_the_mm who wrote (63)	7/30/2000 11:30:58 AM
From: Janice Shell	Respond to of 1426

I would only guess that the larger NYSE stocks are traded in 3rd markets (secondary exchanges) already, such as through Madoff & Co., the Boston Stock Exchange, etc.. Thus, perhaps they trade on foreign trading exchanges as well, similar to a U.S. ADR. I hope that helps and that some knowledgeable foreign traders reading this can add to it. A great many NYSE and Nasdaq NM stocks trade in London as the equivalent of ADRs. Many trade on other European (and I assume Far Eastern) exchanges as well, but I don't have any specific information about it. Remember a couple of years ago when one morning Warren Buffett liquidated his entire position in an NYSE stock well before the U.S. markets opened? Twenty percent of outstanding. He did it in Frankfurt. Unfortunately I can't remember the name of the company. What happened when the NYSE opened? Nothing at all. The stock stayed pretty much flat for the day, as I recall...