Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: gene_the_mm who wrote (71)	7/26/2000 10:20:33 PM
From: bowledover	Read Replies (1) \| Respond to of 1426

Gene, look forward to this thread. Appreciate your efforts. However, I hope you are not going to insist that MM's, brokerage houses, etc. are all girl scouts and boy scouts; nor deny that many do in fact bend and break the rules. You probably watched JDSU this afternoon. I attempted to sell a call, at market, at 3:49/3:50 today and it was never executed until 5:13, in a 'closing rotation.' I could see it was not being filled at 3:55 when in fact an order was filled at 3:52. Finally got through to my broker after 4 and after two phones calls, a helpful customer service person, who said they discussed the issue with a 'trading manager' told me the following: at about 3:50 JDSU was a 'locked and cross' market and it was up to NASD to sort it out and do something if they wished. My market order went from an ask of 27 to about 23. Would enjoy your comments. bowledover

To: gene_the_mm who wrote (71)	7/26/2000 10:27:55 PM
From: oldirtybastard	Read Replies (1) \| Respond to of 1426

Gene, appreciate your time and effort posting here. Can you talk a little about crossing the market, and when it is allowed or done and for what advantage. I believe I was prevented from shorting JDSU today around 3:55 because the market was crossed with the bid being constantly downticked, but also being higher than the offer and current trades so I could not only not hit the bid, but also could not put in an offer a reasonable amount above the marketable price (bid was, say, 138 crossed, offer was 136 to 137, and thus I could only put in an offer at 138 1/16 or higher as the stock was trading down to 136, 135, and I think when it was 135, the bid was still crossed at 137 so again I could not put in a marketable order.) Maybe this was a broker problem as I was using Datek for this particular trade, and they may have been the ones limiting me. Thanks for any insight.