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Strategies & Market Trends : From the Trading Desk -- Ignore unavailable to you. Want to Upgrade?

To: RICHARD STURM who wrote (2371)	1/20/1998 11:13:00 PM
From: Coyoti	Respond to of 4969

Richard--i take it back! <g> <eom>

To: RICHARD STURM who wrote (2371)	1/21/1998 7:32:00 AM
From: steve goldman	Respond to of 4969

The book would also probably become outdated very quickly. The NASD continuously is revamping SOES, L2, impact from ECNs, etc. The NASD is working to make the nasdaq an open book system like the listed exchanges which would almost put mm's out of business since any order, to any firm, should immediately (not the current 30 second time period a firm "has" to make the market before updating insidemarket) chnage the inside quote. Personally speaking, I do VERY VERY little trading on NASDAQ these days. I am not sure why but I think it comes down toa dislike for the way transactions occur on the nasdaq. I like the companies, don't get me wrong, but I think you can trade better on listed stocks.On Nasdaq, I hate the liquidity. I hate the 7 market makers bidding 1000 each which become 1 in about 3 prints to the bid. I hate that you have to break up orders since they only usually expose themselves for 1000 shares, etc. I hate the ECNs, that they are not soes eligible and if they go to the bid, all sell market orders in the SOES system's que get kicked out..etc. I LIKE trading listed stocks. I like liquidity. If there's 5000 shares offered and I getthere, its mine. you don't see bids stepping down or offers leaving without prints usually. You don't see the whole book, although you see the inside market, but its still a good tradeoff. Regards, Steve@yamner.com