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To: username who wrote (34802)	2/13/1998 5:52:00 PM
From: joshi	Read Replies (1) \| Respond to of 61433

TLAB to be taken ount by LU. SHVA to be taken out by NT. We will see how good these guys are. Have a good weekend all. wstreet.com

To: username who wrote (34802)	2/13/1998 11:01:00 PM
From: john dodson	Respond to of 61433

Okay Pete, Here's a follow up question. What determines the bid/ask volume? For instance, if it's 100x10 (100k on the bid and 10k on the ask), how is that determined? 100k shares at the bid -- does that mean that individual investors want to sell 100k worth of shares at the bid? Or is this just some arbitrary number of shares that the MM is willing to buy? And I thought I understood this stuff! Thx, John

To: username who wrote (34802)	2/14/1998 12:04:00 AM
From: Nazbuster	Read Replies (2) \| Respond to of 61433

Pete, the MM takes the stock in (buys) at the bid and lets it out (sells) at the ask. If you want to buy stock, you pay the ask, the MM owns it for less than the ask, that's the game. I'm curious: What happens if the best bid is 20 and the best ask is 20 1/4 and neither budges from their position for 1/2 hour? What is the MM's responsibility in this case to "make a market?" Do they have to buy? Sell short?