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To: Mark Ivan who wrote (21754)	4/20/1999 6:54:00 PM
From: orkrious	Read Replies (1) \| Respond to of 25960

I've just skimmed it, but it talks a bit out MM conspiracys mark, I just skimmed the beginning of the report. It was about the abuses in 1994. I have no doubt that the MM abuses were significant in 1994. Today's ECN's, Level II quotes, the "open" nature of the internet, etc. have, IMHO, eliminated most of the activity. Jay

To: Mark Ivan who wrote (21754)	4/21/1999 2:29:00 AM
From: Clarksterh	Read Replies (1) \| Respond to of 25960

Mark - OT OT - I've just skimmed it, but it talks a bit out MM conspiracys. Without doubt there are still MM's who collude to move prices, just as there are arsonists, thieves etc. . The problem with the yahoo board (aptly named in this case) is that they believe all moves that go against them must be the result of MM conspiracies. It couldn't be the result of a big investor selling, or some news leaking out of the company, or accidentally 4 or 5 medium investors decide to sell, or the stock market tanking or (impossibility of impossibilities) that they made a mistake. Clark PS Jay is right that the NASD instituted new rules to prevent some of the collusion that used to happen and this has had a measurable effect on spread. What I'd like to see out of the NASD is some measure of how much it decreased things like illegal personal trading before the customer order. They instituted new procedures to curb these things as well, but I've seen no statistics on how well they have succeeded. Anybody know?