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Non-Tech : SEC RULES -- Ignore unavailable to you. Want to Upgrade?

To: nick nelson who wrote (14)	2/20/1999 9:35:00 PM
From: nick nelson	Respond to of 62

Market Maker's Manifesto - Statement of Qualifications ------------------------- 1) Have on hand enough blank paper and money to provide liquidity. (for your account only) 2) Desire to meet or exceed the "Public Best Price." (if it's yours - step away, if it's a retail investors, step in front and trade your own account) - Or better yet, knock the retail investors order off the top with a partial fill (the longer the retail investor's order has been waiting on the Limit Order Book and now "Best Price"... the better, and step in front and fill all your Johnny-come-lately clients. - 3) On perceived market down openings - accumulate at 1-5 points below the prior day's close. (protect your liquidity - do NOT support or provide an orderly market... try to INDUCE panic.) 4) On up openings... run distribution prices up 1-5 points, make 'em pay to play! (again, provide liquidity to your account only... try to INDUCE exaggerated and disorderly price swings) 5) Agree to periodically pay off the SEC and Nasdaq regulators for "Indiscretions." (understood - you will NEVER have to pay a tithe of more than 1/10 of your scalped profits, NEVER have to admit to wrong doing, and will have three years to come-up with the small "contribution.") SEC Responsibilities: --------------------- 1) Blame Internet retail daytraders for all irregularities in the market (all exaggerated and disorderly price swings in the markets are caused by forces outside of our regulation - ie. Internet retail DayTraders.) 2) Continually harangue the Internet retail traders warning them of their inferior abilities and lack of knowledge to trade the markets. 3) We understand that the Internet retail traders represent a threat to the Nasdaq and NYSE plutocracy and the Lord of the Flies with Robert Rosebud, Homer Greenspam, and the Come Back Kid will do everything possible to maintain the Plutocracy. 4) We agree to restrict margin, for retail investors only, on most Internet stocks and completely eliminate any public retail shorting of volatile Internet stocks. Take'em down gang, you have "Carte Blanche " - go and get-it!! Long live the Plutocracy.... expunge the Proletariat retail daytrading dare-do-wells! IMHO, nick