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

To: accountclosed who wrote (39518)	12/16/1998 10:09:00 AM
From: Skeeter Bug	Read Replies (1) \| Respond to of 132070

the nasdaq was screwing investors by concealing their bids and asks from everyone else. for example a stock may have a listed bid of $5 and ask of $6. somebody would put in a bid of $5.50 but the market makers would conceal that bid so a potential seller could only get $5 is they wanted to sell. price transparency means that, given the same situation, the $5.50 bid now becomes the new bid and is transparent to all. the new bid/ask is $5.50/$6.00 instead of $5/$6. the next sale goes to the person who put the bid of $5.50 up. that person bought shares at $5.50 instead of $6 saving $0.50 per share. the seller sold at $5.50 instead of $5 earning an extra $0.50. the only drawbacks are that the mms can jump in front of you with an equal bid and that you are not guaranteed to get a fill as there is no guarantee that anybody will sell at $5.50. limit order bids and asks between the spreads gets this done. you had mentioned about acting like a market maker and you can to a certain degree. i've saved $1000s this way.