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Strategies & Market Trends : From the Trading Desk -- Ignore unavailable to you. Want to Upgrade?

To: steve goldman who wrote (4065)	1/11/1999 3:25:00 PM
From: Charles Hughes	Respond to of 4969

To: +TTOSBT (1926 ) From: +Charles Hughes Monday, Jan 11 1999 3:13PM ET Reply # of 1928 cnnfn.com "Some of the biggest firms on Wall Street will pay a total of more than $26 million in civil penalties to settle allegations of federal antifraud or other violations related to Nasdaq market-making activities. " "Among the violations cited by the commission are the coordination of quotations and transactions by traders making markets in Nasdaq stocks in violation of antifraud and fictitious quotation rules, the intentional delay of trade reports, failure to honor quoted prices, and failure to provide customer orders with best execution." No, really? I'm shocked, shocked, I say! Cheers, Chaz P.S. To Steve - this was not directed to you. You just happen to be the last previous post, for me to chain to.

To: steve goldman who wrote (4065)	1/13/1999 10:39:00 AM
From: Dave Bissett	Read Replies (1) \| Respond to of 4969

Steve - Watching early morning action in the high volume net stocks I see most transactions going off at no where near the bid-ask. This morning fills in some of the most active stocks were consistently going off at sometimes $10 LESS than current pricing, and in other cases fills were going off at several dollars higher than current pricing...and I don't mean just a few...this seemed to go on for quite a few minutes and I don't know how long it took for current pricing and the transaction log to start agreeing. I'm wondering 1) what causes this discrepancy, and 2) if one puts in a market order on one of these stocks within say 5-10 minutes of the open are you going to get filled at anywhere near posted prices? Thanks. DB