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To: dli who wrote (10620)	11/9/2000 11:10:21 PM
From: Dan Duchardt	Respond to of 18137

Dave, You make a good point about the potentially negative effect of decimalization. I stated a long time ago, and still believe that decimalization for the sake of easier price comparison is a good thing, but that it should not be used to significantly change the quantization of price levels. Except for very low priced stocks, 5 cents is a small enough increment, IMHO. I recently posted a reply to Eric about SuperMontage Message 14747507 In reviewing what is proposed for the new Nasdaq look, it occured to me that combined with penny increment pricing SuperMontage makes very little sense. For example, we'll be seeing one look for bid prices at 20.01, 20.00, and 19.99 with smaller "summary" share counts in the upper window than what we now see by adding up shares at the inside market (which anyone can automate as part of the current level2 display; I already have that from my data service), and then at 19.98 it's back to the old look. But as it stands, at every level from 20.00 on down there will be "non-attributable" shares that are not displayed. I'm sure my view stems from things I've seen go wrong in systems that lacked appropriate systems engineering efforts, but treating these proposals for decimialization, SuperSOES, and SuperMontage as separate stand-alone issues instead of considering the package is a recipe for disaster. I don't see anybody talking about these interrelationships. BWDIK Dan