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To: Dan Duchardt who wrote (803)	8/27/2000 1:08:22 AM
From: Bilow	Read Replies (1) \| Respond to of 1426

Hi Dan Duchardt; Re the EMLX trading halt... I suppose they halted trading without giving any warning, though the mere fact that it was trading down 66% was probably a pretty good warning by itself. If they did halt trading without a warning, that could have done severe damage (or reward) to traders that try to trade over short time periods. When I've been long or short something during a trading halt it was generally something I hated, though there were a few times when I was very glad to have a position in a halted stock. But they really shouldn't force the high speed tic traders to hold positions while they disseminate information. This sort of thing increases the risk to daytraders and market makers, and the effect on the public is increased spreads. Basically this sort of thing blows our ability to control risk. The same thing happened last year when a net company merger was cancelled during an intraday trading halt. (What were those two companies?) Companies should let out significant information while their stock isn't being traded, but people who don't like to own stock during the release of such information should be allowed to exit their positions before the trading halt. As long as it is unknown whether the news is good or bad, the stock shouldn't change too dramatically between the announcement of the halt and the actual halt. I guess the real problem is finding someone who does want to take the risk of owning securities during trading halts... -- Carl