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

To: Janice Shell who wrote (639)	8/19/2000 12:29:41 AM
From: gene_the_mm	Read Replies (2) \| Respond to of 1426

JANICE... Fortunately, this system WOULD NOT apply to OTC BB's. Since OTC BB's are not subject to the firm quote rule as it is (that is why their quotes do not appear dynamically and no trades can be done on SELECTNET). Though, as you pointed out, very lightly traded small caps and NMS stocks would be subject to the whipsaws the new system portends to create. BTW Janice, you meant if someone wanted to BUY 100K in your example (heehee...sorry, I only have the utmost respect for you so forgive me). To be honest with you, however, even the BIG CAPS are going to be whipsawed, possibly even worse than any other stocks. Why? Because institutions, hedge funds and BIG customers are heavily involved in the big caps. When these big customers want to move blocks of stock, especially if some do it at the same time, look out (IMHO). Now, my question is: Why haven't the daytraders and their offices made a big fuss over this change of status quo? Think about it for a moment: Daytraders under the current system attempt to run with or get ahead of momentum right? (not all but many) How are they going to run ahead of the big order now? By the time they see it (the move) the order is already queued up to go in SOES and they would be 200,000 shares behind right? Again, the facts are not in so I am speculating. But I really thought daytraders would fight this. Many are welcoming it with open arms... I don't get it... Most try to read what the MM's are doing on the bid or the offer... With the new system I don't think that will be possible and I don't think they will have the time they USED to have to react. All, again, my humble opinions. BTW, I don't know anything about the BIFS story you mentioned... What is it? All the best, -- Gene

To: Janice Shell who wrote (639)	8/19/2000 2:04:45 AM
From: J. Nelson	Read Replies (3) \| Respond to of 1426

ANYONE SEE THIS INFORMATION???? & WISH TO TALK ABOUT IT??? Subject: IMPORTANT ! ! ! Vote NO on Bill 602P VOTE NO ON Bill 602P!!!! I guess the warnings were true. Federal Bill 602P 5-cents per E-mail Sent. It figures! No more free E-mail! We knew this was coming!! Bill 602P will permit the Federal Government to assess a 5-cent charge on every delivered E-mail. Please read the following carefully if you intend to stay online, and continue using E-mail. The last few months have revealed an alarming trend in that the Government of the United States is attempting to quietly push through legislation that will affect our use of the Internet. Under proposed legislation, the US Postal Service will be attempting to bill E-mail users out of "alternative postage fees." Bill 602P will permit the Federal Government to charge a 5-cent surcharge on every E-mail delivered, by billing Internet Service Providers at the source. The consumer would then be billed in turn by the ISP. Washington DC lawyer Richard Stepp is working without pay to prevent this legislation from becoming law. The US Postal Service is claiming lost revenue, due to the proliferation of E-mail, which is costing them nearly $230,000,000 in revenue per year. You may have noticed their recent ad campaign: "There is nothing like a letter." Since the average person received about 10 pieces of E-mail per day in 1998, the cost of the typical individual would be an additional 50 cents per day - or over $180 per year - above and beyond their regular Internet costs. Note that this would be money paid directly to the US Postal Service for a service they do not even provide. The whole point of the Internet is democracy and noninterference. You are already paying an exorbitant price for snail mail because of bureaucratic efficiency. It currently takes up to 6 days for a letter to be delivered from coast to coast. If the US Postal Service is allowed to tinker with E-mail, it will mark the end of the "free" Internet in the United States. Congressional representative, Tony Schnell (r) has even suggested a "$20-$40 per month >> > > surcharge on all Internet service", above and >> beyond the governments proposed E-mail charges. Note that most of the major newspapers have ignored the story - the only exception being the Washingtonian - which called the idea of E-mail surcharge "a useful concept who's time has come" (March 6th, 1999 Editorial). Do not sit by and watch your freedom erode away! Send this E-mail to EVERYONE on your list, and tell all your friends and relatives to write their congressional representative and say "NO" to Bill 602P. It will only take a few moments of your time and could very well be instrumental in killing a bill we do not want. Please forward!