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launch a small public relations campaign to champion their cause. The reality is that even if the industry can hire attorneys and pay them a million dollars an hour, it doesn't mean that they will be able to come up with more convincing justification than a $200-an-hour attorney who has morally correct standing. Usually if you have nothing to say, it doesn't matter how much you pay your attorney. |
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A Brief History Of DAET Time |
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I have compiled the following schedule as a brief chronology of relevant events. Note that there have been four significant modifications by the NASD to the SOES rules since 1988, and not surprising, each amendment favored the market makers over the SOES order entry firms. It is very suspicious that officials at the NASD have always voted in favor of the market makers and against you and me. |
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| 1963 | U.S. congressional study identifies a number of anticompetitive practices in the securities markets, including failing to honor quotations, trading ahead of customer orders, sharing customer and trade information, splitting profits in joint accounts, blackballing other dealers, hiding prices and trades, and keeping spreads wide by agreement among traders. | | 1984 | Nasdaq introduces SOES. | | October 1987 | The Nasdaq stock market collapses. | | 1987 | The start of investigations concerning the Nasdaq stock market collapse. Recommended changes of the Brady Commission include mandatory SOES participation by market makers with a 5000-share market-maker maximum. | | March 1988 | I start electronic day trading on SOES. |
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