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To: Don Green who wrote (5493)	2/6/2001 10:08:15 PM
From: alanrs	Read Replies (1) \| Respond to of 8925

My understanding is that trades are not counted twice if there is no spread between bid and ask involved. I believe the change happened Fri. or Mon. of this week. May have resulted in 10-20% less volume being reported for the same # of trades, although I'm not sure where I got this last impression.

To: Don Green who wrote (5493)	2/7/2001 3:35:55 AM
From: Teresa Lo	Read Replies (1) \| Respond to of 8925

Nasdaq Trading Volume: Double Counting I saw something to the effect of this too on CNBC. Some research turns up info: thestreet.com "Double-counting is another factor in the volume explosion, according to Scott Curtis, senior equity trader at Brown Brothers Harriman, referring to current rules that stipulate market-makers count so-called riskless principal transactions twice. A riskless trade occurs when a buyer is already lined up for a security being bought by a market-maker. A proposal to eliminate the practice has been submitted to the Securities and Exchange Commission, which declined to comment. One study predicted a change in the double-counting regulation would eliminate "anywhere from 4% to 7%" of Nasdaq volume, Nasdaq's Shokouhi said. But Jay Suskind, head of institutional equity trading at Ryan Beck, downplayed the impact of double-counting. If over-the-counter volume on a given day is 1 billion shares, he estimated it would still be about 800 million sans double-counting. "It's still a tremendous amount of volume," Beck said." Other important developments - SuperMontage: sec.gov Levitt Speech: sec.gov Carey Speech: sec.gov Teresa