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To: Mighty_Mezz who wrote (7375)	3/13/1998 11:40:00 PM
From: Jon Tara	Read Replies (2) \| Respond to of 16892

So, why is NASDAQ doing this? After all, NASDAQ is an organization run by and for MMs. So, I hardly think it will "leave them in the dust". What it will leave them with is full visibility of the limit order book, which each MM currently has only for orders on their own order book. (As well as Island's, of course.) So, we lose the spread, but increase the incidents of "limit runs". It could be the worst combination of the features of the MM and open outcry/order book systems. The orders that are put on the public book, of course, will be those of the unsuspecting public.