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To: jerryriti who wrote (641)	5/16/1998 7:41:00 PM
From: ed doell	Respond to of 6847

If you think backing away from a bid premarket is "serious," IMH experience the Philly Options Exchange can be a real fader from time to time. Remember that posting a bid premarket is often merely reflective of someone's premarket sell order, simple as that. Ed

To: jerryriti who wrote (641)	5/17/1998 11:50:00 AM
From: Kimberly Lee	Respond to of 6847

<<Backing away is a serious charge and should be reported to the NASDAQ officials!>> On SNET, mms have no obligation to fill our preference orders, though if they back away, they must update their quote on the level 2 screen. During IRSN's dip to 2 3/4 x 13/16 a little after 3 on Friday, for instance, I chased NITE all the way from 2 13/16 to 2 15/16 and then to oblivion within one minute. I started by preferencing NITE at 2 13/16 for 5k, he backed away and moved the inside offer to 7/8; the same thing happened at 7/8. Finally, he gave me 3k at 15/16 and disappeared from the inside offer altogether. The stock quickly ran back to 3 7/16 x 1/2 when I took profit. Technically, mms cannot back away from SOES orders. But the reality is that they are only obligated to fill 1000 shares (sometimes only 100 shares, but the street would look down upon it). However, I don't use SOES much because of the size and time limitations. Kimberly