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Strategies & Market Trends : The Final Frontier - Online Remote Trading -- Ignore unavailable to you. Want to Upgrade?

To: steve goldman who wrote (1916)	12/16/1997 11:22:00 AM
From: steve goldman	Respond to of 12617

To: Christopher Smith (2041 ) From: steve goldman Tuesday, Dec 16 1997 11:01AM EST Reply # of 2062 Chris , Thanks for replying! Steve thanks for the questions. Responses: 1. The "markup" on the client trades is determined by me, according to my cost basis on the client's order. If a client wants to buy 10,000 shares of a stock I make a market in, and the stock is trading 25 bid 25 1/2 offered, I will try to buy as much as possible as low as possible. If I am able to buy all 10,000 at 25, I will then sell the block to the client at the ask price...25 1/2. --->>I think i am in the wrong business...lol...nice! What percentage of thoseprofits do you personally keep? 2. Average markup...probably about 1/4 point, but it varies according to the liquidity of the stock. 3. We do not charge standard "commissions" on client orders...we trade their orders to make the spread, and they know this. 4. I make a market in 30 stocks, some of which are the most actively traded on the Nasdaq and which everyone who follows the market has heard of, while some of my other stocks trade only a few thousand shares a day. 5. 30 stocks may seem like a lot, and indeed it DOES get far too insane at times, but usually I am only handling 4 or 5 active customer orders at the same time. Of course, the openings at 9:30 every day are ALWAYS crazy. 6. I cannot tell you the specific firm I work for...I am in a different position than you, Steve. I WILL say I work for one of the following: GSCO, MLCO, MSCO, or BEST. That's as much as I am willing to say...I don't really have a reason to say more, or lie for that matter. 7. I do not have to go home flat every night; indeed, I often take home proprietary positions depending on how I feel a stock is trading, etc. Good for your Chris. Regards STeve@yamner.com