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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: tom r. phillips who wrote (30656)	8/6/1998 12:01:00 PM
From: Knighty Tin	Respond to of 132070

Tom, If you set a limit, you aren't allowed to do anything. If the market makers set the prices outside your limits, they do not have to allow you in the game. And, if somebody else comes in with 15 contracts at the same price, he takes priority over you. Unless you are a market maker, in which case you can block a 4000 contract trade with a one lot order. Seriously. <G> What they really do is shop your limit to potential sellers. You become the bid of last resort. This isn't an honest or a good game, but, considering that nearly all the market makers go belly up, I can see why they set the rules in their favor. <G> I am surprised at how many times I get great executions considering the way the system works. I much prefer the specialist exchanges. MB