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To: chris of nyc who wrote (2402)	7/10/1998 5:23:00 PM
From: JONK	Read Replies (1) \| Respond to of 4715

Market makers still trade ahead of customer orders. A customer puts in a big order. Knowing that this will put the stock up, the market maker buys ahead of the customers. This has the effect of pushing a stock higher, so that the real buyer has to pay up for his order. Use whatever term you feel comfortable with, however, the term 'churn' is not as important as the content and fact of the message.

To: chris of nyc who wrote (2402)	7/10/1998 6:39:00 PM
From: steve walsh	Read Replies (1) \| Respond to of 4715

all activity leads to a stock going up??? hmmm...which analyst house are you with??? What about sell side? big selling high volume and the price goes up?? you are a joke....and will be back in the hole where you belong in 30 days......get a clue...and a job.....

To: chris of nyc who wrote (2402)	7/11/1998 3:19:00 AM
From: 246810	Respond to of 4715

Boy, that's a LOT of hostility based on one little word, "churn", chum. Languages evolve as the needs to code a new phenomenon emerge. In the case of "churn" being applied to inter-MM sales, it doesn't seem inappropriate to me. They are brokers, sort of, they are trading the stock around, and they are doing it for their own benefit. The term has caught on anyway, so it is a little late to try and remove it from financial jargon. It will be "official" in 11 1/2 more months.. 246810