you are saying the average again on this thread.... so I'll repost my comment on this thread That's your firm's #'s. Don't know if they are telling you the truth and how much of the pit % they are backing (maybe for them it is true but they back a small %) When I was on the CBOT I saw an incredible turnover in the short time I was there. The Co-Owner of Lynx used to be in the S&P pit -I bet he can verify what I'm saying too. The high turnover would suggest your #'s aren't true. Average #'s can also mean a big thing. Average stock broker's salary was about $150,000 a year when I was a broker years ago. That means 5% are earning a few million and 85% are earning about $15,000- $40,000 . That top # can really throw off an average. You need the full picture of what everyone was earning....not the top 2 guys. Robert
Manning Rule was created for Market Makers in Nasdaq. The rule forced Market Makers to let a customer trade go first -- if they wanted to trade below the price if they were buying or above if they were selling. They had to pay up enough that they had to be serious about the trade in order to jump in front of customers. This allowed customers could place limits and get fair execution. especially when an opportunity presented itself that a customer saw before others. Than pennies came in/ Now a market maker can jump ahead of the customer (and make a difference at all) so in a situation that is ideal to enter the trade it made it increasing difficult for a customer to jump in. I DON'T EVEN TRADE THE STUPID EMINI right now. I just have seen the effects of penny spreads and would prefer not to have them happen everywhere in case someday I choose to trade them.