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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: Robert Graham who wrote (21490)	7/11/1998 1:04:00 PM
From: Haim R. Branisteanu	Read Replies (3) \| Respond to of 94695

Bob, the specialist prime job is to make money!! Now to keep it simplistic he makes money on the retail/small investor not on the institution as he is looking there to have repeat business. Retail/small investor has no choice but trade through the specialist. Institutions can trade off the market. (there are an aboundance of firms who specialize in those type of transactions) So the small guy end up on the loosing side. Haim

To: Robert Graham who wrote (21490)	7/11/1998 1:26:00 PM
From: HairBall	Respond to of 94695

Robert, I am not going to try and change your mind. But, after following Richard Ney's commentary for several years, I believe he has been on to something. By basing my trading strategies on his theories (not his recommendations), I have profited nicely over the years. He demonstrated price manipulation (on TV), to my satisfaction, time after time after time! Many, Ney subscribers and individuals having read his books, agree. Try reading one of his books: "The Wall Street Gang". You may change your mind. You may be able to find it in the library! Nuff Said! BWDIK Regards, LG

To: Robert Graham who wrote (21490)	7/11/1998 1:46:00 PM
From: paulmcg0	Read Replies (1) \| Respond to of 94695

Here's a heretical thought - what is needed may be something like what is used on the Band-X spot market (http://www.band-x.com/) for voice and data capacity. On Band-X, you commit to honor your bid/ask prices, and contractual obligations, or you will be booted off. You have to fill out a detailed registration in order to be authorized to use the system. People post listings that are organized by categories. For example, someone might put up a bid saying, "I need 512 Kbps over fiber to Germany and I will pay nnnn dollars for it for one month." I know that there are such electronic trading systems for brokerages to use, such as Instinet. What would be really heretical would be to set up such a system for the average investor to use. You could have a trusted third party (a clearinghouse) act as an intermediary between buyers and sellers. (Perhaps, you could deposit shares and funds in some sort of escrow arrangement). Modern technologies, like cryptographic digital signatures, could be used to verify bids and asks. Of course, having such a system would eliminate the role of the market maker or specialist, and thus such a plan would be strongly opposed by Wall Street. We have the technology nowadays to do something like this -- but whether or not you could get the necessary legislative and regulatory approval would be the main challenge. Cynic that I am, I think that Wall Street would put enough pressure on the powers-that-be to prohibit such an arrangement. Paul M.

To: Robert Graham who wrote (21490)	7/12/1998 8:57:00 PM
From: robnhood	Read Replies (1) \| Respond to of 94695

Bob, You are correct about the TSE... We have no floor anymore, and any trader , order or non-client has access to exactly the same information.. In Toronto the MM's or specialists are called registered traders, of which I am one of about 125... We receive no commision for our responsiblities, but are requred to maintain orderly markets with certain minimum spreads and minimum guaranteed fills on the bid and offering quotes. Of course these spreads and MGF's differ depending on the general liquidity of the stocks in question. We used to set opening prices , however the computer now does this by matching off buy's and sells instead of us.. There used to be a rule that 70% of our trades had to be stabilizing. I'm not sure that rule still exists, because there are now so many non-clients paying very marginal commision who don't have to obey any rules. However I would say that at least 70% of my trading is against the market anyway. We are charged ticket fees on which we get a 50% cut on trades in our stocks of responsibility. And we also get half of any order traded on the bid or offering that is no larger then our mgf... russell BTW, I just looked at your profile, Tuscon Arizona, and I am impressed with your knowledge of this. I don't think half the brokers in the offices know what we do, much less the public.