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Technology Stocks : 3DFX -- Ignore unavailable to you. Want to Upgrade?

To: Ralph Bergmann who wrote (1475)	1/30/1998 11:06:00 AM
From: Mitchell Ryan	Read Replies (2) \| Respond to of 16960

<<If there is a bid to buy 50000 shares at 23.5$ and 10 asks for 5000 shares at the same price. How are they traded?>> Unlike the NYSE or AMEX, Nasdaq transactions are not trades per se, but are buys and sells by dealers. Each are treated as a separate transaction. Thus the 50000 share block at $23.5 may simply have been a purchase by a dealer. <<Do I have 10 trades with 5000 shares or one trade with 50000 shares?>> You would have 11 trades total, and the volume would be 100,000 shares total for all of these transactions. Even the dealers trade amongst themselves, and these transactions also are registered on the ticker. Ryan

To: Ralph Bergmann who wrote (1475)	1/30/1998 2:34:00 PM
From: Voomp	Read Replies (1) \| Respond to of 16960

That really depends on the MMs involved. It could only be one major buyer, or there could be several involved. But when u c ONE block traded, rather than 10 smaller separate ones, there r only two parties involved: the seller and the buyer. Not one seller, and then multiple buyers. Read the tape carefully, and you will understand.

To: Ralph Bergmann who wrote (1475)	1/31/1998 6:59:00 AM
From: robnhood	Read Replies (1) \| Respond to of 16960

Ralph,, When a block trades on a downtick , it is usually and rationally assumed that there was a seller looking for a buyer . NAZ mms are different than NY or Toronto MMs in the fact that they get the orders in hand to execute. If someone wants to sell 100,000 TDFX, they give it to a MM, he then sells the stock at various prices, in the end he knocks it down a bit and crosses the block to himself. The client is then given a net fill at one price, any profits made are in lieu of commission. This is what I read on another thread some time ago from a NAZ MM. russell