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Non-Tech : Datek Brokerage $9.95 a trade -- Ignore unavailable to you. Want to Upgrade?

To: Dan Clark who wrote (11463)	4/1/1999 11:29:00 PM
From: Esteban	Respond to of 16892

Dan, The Nasdaq is not a central market. A market maker does not have to trade with a particular market participant just because his limit order is making the inside market. So often what happens is that MMs trade at the inside price that someone is representing but don't preference the shares that actually are representing the inside price. There is time priority within each market makers book like on Island, but the MMs don't honor time priority outside of their own book. This is in contrast to listed NYSE or ASE stocks where time priority is enforced in a central marketplace. IMO, this makes for a much fairer and easier to trade market than the Nasdaq.