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: oldirtybastard who wrote (75)	7/26/2000 10:53:21 PM
From: gene_the_mm	Respond to of 1426

LOCKED/CROSSED MARKETS... As you all know, JDSU was pure calamity for the last 15 minutes. A NASDAQ MM is allowed to lock or cross other MM's (or ECN's) if they have made "reasonable efforts" to bid or offer those MM's and have not received ANY response. Thus, they are entitled to cross them. The close today in JDSU was one of the most overwhelming and heavy closes the NASDAQ has ever encountered. So many MM's had so many things going on (for the first part all buyers), that sometimes this happens. HOWEVER, this is in no way intended to prevent customers from entering orders or to avoid short sales. It is simply a function of a stock trading over 200 MILLION shares in a day (including aftermarket) -- a feat that has never been accomplished until today. You and I both know this is not the norm and is an anomoly. All the best, -- Gene