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

To: Wayners who wrote (597)	8/17/2000 11:00:45 PM
From: gene_the_mm	Respond to of 1426

WAYNE THAT IS NOT CORRECT... First of all, I am sure there are readers on this board who don't know that ECN's fill quicker due to their completely automated nature. Second, you are dead wrong about 17 seconds. The 17 seconds you refer to is the time delay between executions that an MM will receive from SOES. However, this does not remove the responsibility of moving his market within a reasonable amount of time after receiving multiple preferences on SELECTNET. Backing away charges are filed ALL DAY against MM's for such activity and the NASD is very good about getting fills for customers that file (MM's included). Nobody has 17 seconds to just sit there with no liability so, again I ask, please know what you are talking about before you write it as if it were fact. Also, what you wrote is simply NOT TRUE. ECN's only appear to languish, ESPECIALLY ISLAND, because they are FAST MONEY. Don't you understand that most of the ISLAND orders represented are daytraders. Daytraders are smart and try to squeeze every nickel out of stocks. Therefore, many of them MISS their buying or selling opportunity and the ECN will appear to be sitting at the top or bottom. These were the people who are now trying to sell when nobody is buying (momentum shift) or vice versa. If you look at the most active stocks ECN's are everywhere ALL THE TIME (on the bid and offer at every level). I don't see how you distinguish what appears to be avoiding ECN's when they are all over every stock. If you tell me the stock doesn't trade very much then I will simply tell you the stock is THIN, thats all. Finally, please stop trying to bate hostility with your reference to making 'chinese markets' (Moo Goo Gai Pan) from the Christie-Shultz study and that interview with Harvey Houtkin (who I have great respect for but his books are awful). The old-school boys club has been all but decimated (rightfully). All the best, -- Gene