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To: steve goldman who wrote (2586)	2/13/1998 9:35:00 PM
From: TFF	Read Replies (1) \| Respond to of 4969

Art of Execution..nice post Steve!

To: steve goldman who wrote (2586)	2/14/1998 12:30:00 PM
From: Dirk Hente	Respond to of 4969

thanks for your detailed explanation, steve. though, a lot of questions still remain..at least for me. of course i am trying to find out things by myself but its very hard to find (educational) material about the 'regulations' and 'rules' of the NASDAQ (which i am mostly interested in). i'm still thinking to order a copy of the Nasdaq Manual, but i have no idea if that makes any sense (maybe its only a list of MPs/MM's or so), i hope it will be available online soon ( @nasdaqtrader they say it will be there by the end of feb) hmm...in your response you added a new term which was new to me: backing away. in the meantime i found out the meaning: A market maker who fails to meet his firm quote rule obligations is said to have "backed away" from its quote. i got this definition from the material i found at web.mit.edu it is about 'PROBLEMS OF THE NASDAQ STOCK MARKET ' and 'THE NASD'S REGULATORY DEFICIENCIES'