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Thanks Tim,
but since when is the opinion of some committee a more valid price than an
actual trade????? The logic escapes me. They create an artificial price to
suit their purposes, but what about all the people who's equity runs are
affected? Did anyone ask them?????
Something about this really bothers me. What if they start doing this every
day? Why have trading at all?
Best rgds
Phil
----- Original Message -----
From: Timothy Morge <tmorge@xxxxxxxxxxxxxxx>
To: Phil Lane <patterntrader@xxxxxxxxxx>
Cc: <omega-list@xxxxxxxxxx>
Sent: Friday, June 30, 2000 6:18 PM
Subject: Re: Market Manipulation for some officially sanctioned reason I
preume
> Phil:
>
> Actually, it's the new quarter end process, where they mark the futures
and
> options to prices that a committee feels is 'reflective' of the market
value of
> the underlying cash [this was the 3rd quarter it's been done, I believe].
And
> this was the strangest one, with S&P futures being marked roughly 2 big
figures
> below the closing range and Nasdaq 100 futures being marked 7 ticks above
the
> high of the day.
>
> No, no market manipulation...the price never traded. But the cash finish
meant
> they had to use that price to mark things where the committee felt the
futures
> and options prices should have been.
>
> But it was wild to see.
>
> Best,
>
> Tim Morge
>
> Phil Lane wrote:
>
> > I noticed they closed the futures early - too bad I wasn't ready -
anyway it
> > seems the last ticks in the sp and nd futures were at one price, but
then
> > the official "closing" prices were something else entirely -
> >
> > I was wondering what's behind it, who is doing the price fixing and is
there
> > any reason to expect it will hold, or will prices return more or less to
> > their last-traded values?
> >
> > Thanks for any info, and have a great weekend!
> > Phil
>
>
>
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