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To: HeyRainier who wrote (166)	6/7/1998 4:36:00 PM
From: ftth	Respond to of 237

[A/D differences for exchange-traded stocks vs. NASDAQ] Hi Rainier, I'd be interested to hear your comments on the A/D posts, but on another note, have you (or anyone else) ever given any thought to how we would adjust the A/D numbers for the particular market the stock trades in? The agency auction systems and the market maker system tabulate volume differently. The market maker buys the stock from the customer into their own account before selling it, so this complete transaction "double counts" the volume, as you've heard Mark Haines say a thousand times. But not every trade is double counted. I'm not exactly well-versed in the specific mechanics of the volume tabulation, and I have some questions on specific transactions and how they are counted that I've never gotten answers for (even emailed the exchanges with no replies). dh