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To: David Smith who wrote (1886)	12/15/1997 1:01:00 PM
From: dennisp	Read Replies (3) \| Respond to of 12617

I have a novice question: If a seat on the NY stock exchange cost 1.5 million (as announced the other day) why don't the big mutual fund companies own some seats down there and then could bypass brokers, couldn't they? Thanks in advance, dennisp

To: David Smith who wrote (1886)	12/15/1997 3:27:00 PM
From: xstuckey	Read Replies (2) \| Respond to of 12617

Hi Christopher, I trade Intel, and am also a member of a group of traders that holds live chat sessions during market hours. A controversy that recurs within the group is the extent to which MMs can or do influence prices during option expiration week. Your comments will be read with interest. Best Trading, X

To: David Smith who wrote (1886)	12/19/1997 12:34:00 AM
From: RADAR )))	Read Replies (2) \| Respond to of 12617

Christopher: >> The same principle applies when I get an order to sell stock from the customer...I will immediately begin selling/shorting the stock out of my own account. When I have sold/shorted the amount of shares the customer wants to sell, I buy the block from the customer at the BID price in the market for the stock, thus covering my short.<< Interesting. I never knew your sell orders from customers worked in that manner. I assumed, apparently wrongly, that you either matched buy and sell orders and made your money from the spread, or bought or sold from your existing inventory on hand, moving the price up or down to meet the current market activity. Do I understand it correctly that you actually move the price down with your short selling of the stock so that when you buy back to cover your short, the institution/fund ends up getting a lower price than he would have gotten at the time of placing the original order, and that you make and extra edge of profit over the spread price? RADAR