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Strategies & Market Trends : Trading For A Living -- Ignore unavailable to you. Want to Upgrade?

To: saju chacko who wrote (1037)	7/29/1998 6:08:00 PM
From: Eric P	Read Replies (2) \| Respond to of 1729

will the replacement system be better or worse than what daytraders have now.... and when will the decision be made? Of course this will depend on what the final proposal looks like. One possible improvement would be that ECN limit orders would have much the same capability to be filled against as market maker orders. Currently, ECN orders are not eligible to be filled by SOES orders. The new system will correct that. To All: Today, for the first time since the new Nasdaq rule change, I spent several hours in front of the Level II screen. Although many market makers were posting quotes of less than 1000 shares on stocks like DELL, that was not what really surprised me. It seemed that the spreads were noticibly LARGER than they had previously been. Often, the spread in DELL was 1/8 to 3/16 of a point. Much higher than the typical 1/16 point that I was used to seeing. Has anyone else noticed this? Do you think it is merely related to an increase of people on vacation, or due to the rule change? Note that the market makers claimed that the rule change would serve to REDUCE the spreads of Nasdaq stocks by allowing them to reduce their risk by quoting smaller size... Comments? -Eric