30 sec rule for market makers
- Thread starter MrDinky
- Start date
MM and brokers will always make money. It's their business.
From the NASD:
As I stated earlier, there is no 30 second rule regarding holding an order, only a 30 second display rule as part of the limit order protection rules. The rule states that a market maker has 30 seconds to display the limit order from the time that it was received
The NASD regulatory analyst handling my complaint said NITE was the MM in question and that they wanted to make me an offer. I sent back the info they requested just to see what would happen.
The NASD responded as follows:
Based on our assessment of the information, we will not pursue disciplinary action against NITE at this time. If new information develops, NASD may re-open its investigation.
As I stated earlier, there is no 30 second rule regarding holding an order, only a 30 second display rule as part of the limit order protection rules. The rule states that a market maker has 30 seconds to display the limit order from the time that it was received
The NASD regulatory analyst handling my complaint said NITE was the MM in question and that they wanted to make me an offer. I sent back the info they requested just to see what would happen.
The NASD responded as follows:
Based on our assessment of the information, we will not pursue disciplinary action against NITE at this time. If new information develops, NASD may re-open its investigation.
Don't worry, these b@stards will get what they deserve...
Knight Trading Says SEC Issues Formal Order of Investigation
Tuesday November 12, 1:37 pm ET
By Gaston F. Ceron
Dow Jones Newswires
NEW YORK -- Knight Trading Group Inc. (NasdaqNM:NITE - News) said the Securities and Exchange Commission has issued a formal order of investigation related to an inquiry into allegations of improper trading at Knight.
As has been reported, the allegations, which included claims of front-running at the Jersey City, N.J., trading company, surfaced in an arbitration claim filed late last year against Knight by a former employee. Knight had previously characterized regulatory inquiries related to the matter as informal; however, in a filing with the SEC, which was released Tuesday, Knight said a formal order of investigation had been issued by the SEC.
A spokesman for the SEC declined to comment. However, Knight officials said Tuesday that the SEC has actually been treating the matter as a formal investigation for months, but that Knight only learned of this status recently, hence the 10-Q disclosure.
Knight has denied the allegations of improper trading, saying that a review had found no merit behind them. Tuesday, Knight officials also stressed that they are cooperating with regulators and are passing along information on a voluntary basis.
The fact that the SEC inquiry is a formal investigation "doesn't change the dialogue" between Knight and regulators, said Knight Chief Executive Thomas Joyce. Knight made the disclosure in an attempt "to add transparency" on the company, Mr. Joyce said.
Knight Trading Says SEC Issues Formal Order of Investigation
Tuesday November 12, 1:37 pm ET
By Gaston F. Ceron
Dow Jones Newswires
NEW YORK -- Knight Trading Group Inc. (NasdaqNM:NITE - News) said the Securities and Exchange Commission has issued a formal order of investigation related to an inquiry into allegations of improper trading at Knight.
As has been reported, the allegations, which included claims of front-running at the Jersey City, N.J., trading company, surfaced in an arbitration claim filed late last year against Knight by a former employee. Knight had previously characterized regulatory inquiries related to the matter as informal; however, in a filing with the SEC, which was released Tuesday, Knight said a formal order of investigation had been issued by the SEC.
A spokesman for the SEC declined to comment. However, Knight officials said Tuesday that the SEC has actually been treating the matter as a formal investigation for months, but that Knight only learned of this status recently, hence the 10-Q disclosure.
Knight has denied the allegations of improper trading, saying that a review had found no merit behind them. Tuesday, Knight officials also stressed that they are cooperating with regulators and are passing along information on a voluntary basis.
The fact that the SEC inquiry is a formal investigation "doesn't change the dialogue" between Knight and regulators, said Knight Chief Executive Thomas Joyce. Knight made the disclosure in an attempt "to add transparency" on the company, Mr. Joyce said.