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Strategies & Market Trends : SOES Trading -- Ignore unavailable to you. Want to Upgrade?

To: MaxFactor who wrote (1563)	8/4/1998 9:30:00 AM
From: Chris Block	Read Replies (1) \| Respond to of 1618

MaxFactor, NODES has yet to be approved and released. It is probably going to be released at the end of 1999. Overall the proposal by the NASD is a good one. It is trying to incorporate all the changes that have occurred as a result of SEC and NASD rule changes. We have had such a "pile on" approach to the NASDAQ trading system that it is now time to start over and incorporate all the good things without the complications. Ask any market maker if they feel they have an edge in the trading business. If anything they are getting hit pretty hard by the SEC 21a report findings and rule changes. You are not seeing multiple market maker mergers (say that three times fast)and a Goldman IPO because things are going in their favor (IMHO). Although things like the ASR (actual size rule) did look like a victory for the market makers, it was a necessary change to make the market more transparent and give a better representation of pricing to the public. The next shoe to drop is Instinet being disseminated over the internet. Why did you think that NODES had been released? What are you seeing that makes you feel that the market makers are gaining edges in the trading business? cb