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Eric: You have made my point. The rules were not made to protect the
public. They were made by the members to protect their own ass, and to
hell with the public. Why do you think that the exchange is trying to
hold their [public customers. In my estimation its because the people
handling the orders on the floor, instead of attempting to stabilize the
market (which incidentally they would probably all make a fortune), are
attempting to accentuate the moves. It is clear that from time to time
the :locals" abandon the market and quit stabilizing. That is when the
S&P starts trading a half and full point between trades. The problem is
that the exchange does not charge certain members with making a market
and that they must stabilize, and that is because the exchange is run by
the floor members.
As to whether or not they should match the tape, that is one of
the down sides to accepting orders from the public for a commission. If
you are unwilling to accept your errors, then you should be in some
other business than accepting public orders. That is exactly why there
is such a thing as an error account. If the public refused to accept
this type of treatment, it would change or the brokers would eventually
be out of business.
George
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