Those annoying LSPD "traders"

Nasdaq market makers aren't required to honor their quotes beyond regular market hours anyway. Maybe they automatically set their quotes to ridiculous values at the extremes at market close, "just in case".

 

I didnt know those #$%^&@'s (edited by moderator) honered their quotes during regular hours! lately iv e been noticing they are getting away with displaying 1 lots with more behind!!! have you seen it?

 

LSPD traders were hired to wash stock for tradescape's ECN. If you notice all they do is short stocks and cover at the same price. They receive a $3.50 rebate for every 1000 shares that they move. Tradescape then charges the unlucky victim who hits them $10.00. This illegal activity is so obvious to anyone that trades, it makes you think how incompetent (or corrupt) the NASD must be. As long as you generate Supersoes fees you can do anything you want.

 

How can you short stocks and cover at the same price all day long unless:

A. The bid and ask are the same

or

B. You can correctly guess where the stock is going every time

None of the above can be true, no matter how liquid the stock is. Unless you are an equity prognosticator supreme.

LSPD traders use it for the rebate and also because it's very efficient. Just because some traders trade market stocks for large size doesn't make them crooks.

 

By the way, the rebate is definitely NOT $3.50 per 1000 shares. Otherwise I'd do it all day long too!


1.   MarketXT Transaction Fees

Shares per Month $/Share

1 - 5,000,000 0.0075

5,000,001 - 50,000,000 0.005

50,000,001 + 0.003



Liquidity-provider rebate:

Shares Liquidity Added
per Month $/Share

0 - 50,000,000 0.001

50,000,001 + 0.002

New liquidity provider rebate schedule effective 6/1/02

 

A couple weeks ago,Nasdaq changed the rule that MM's had to display 1000 shares to use the reserve size feature.Now they can only display 100 shares to use the reserve size feature.

 

Actually, this really isn't such a biggie (I'm referring to the displaying 100sh rule). MM's are free to use ISLD or any other ECN, and there they can use a reserve size of 100sh. At first I thought the change was pretty lame, but its only fair for them to do it if we can, too.

 

I am saddened to see no one has explained the 1 cent bid issue with LSPD.

I thought u guys were sharp.

:eek:

 

stock777,enlighten us why there are 1 cent bids?

 

I really wanted to see if someone could do some sluething and figure it out. No one told me, I garnered the ugly truth from my compulsive web surfing.

Let's see who has the right stuff..............................