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Strategies & Market Trends : ahhaha's ahs -- Ignore unavailable to you. Want to Upgrade?

To: LPS5 who wrote (5004)	7/25/2002 4:19:08 PM
From: ahhaha	Read Replies (1) \| Respond to of 24758

It's completely reasonable and timely. The SEC and NYSE didn't sweep the '87 crash under the rug. They went back to identify what was the cause. The cause was computers, sidecars, portfolio insurance, specialist CBOE connection, and all those self reinforcing mechanisms which think they work independently that eventually perpetrated a chaotic outcome. The advent of ECNs has made a big contribution to market efficiency but without orderliness. Orderliness is a worthy thesis topic since no one has quantified or explicated or even modelled it so far. It doesn't interfere with the free market clearing process. Indeed, the market process depends on it or the process evolves to discontinuity of chaos. I don't think you can make a case against the 2 cent spread. I never made money on the spread as an MM. I made money when the market and rules forced me against my better judgement to get on the other side of the public action.