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<DIV><FONT face=Arial size=2>My CSI data confirms Ray's prices.
</FONT></DIV>
<DIV><FONT face=Arial size=2><BR>148600 149250 145200 145600</FONT></DIV>
<DIV><FONT face=Arial size=2>Don't know why PCquote is different.
</FONT></DIV>
<DIV><FONT face=Arial size=2>Gram.</FONT></DIV>
<DIV><FONT face=Arial size=2><BR> </DIV></FONT>
<DIV><FONT color=#000000 size=2>O - 1467.17</FONT></DIV>
<DIV><FONT color=#000000 size=2></FONT><FONT size=2>H - 1477.52</FONT></DIV>
<DIV><FONT size=2>L - 1439.34</FONT></DIV>
<DIV><FONT size=2>C - 1440.51</FONT></DIV>
<DIV><FONT size=2></FONT> </DIV>
<DIV><FONT size=2>Source: PC Quote.</FONT></DIV>
<DIV><FONT size=2></FONT> </DIV>
<DIV><FONT size=2>Gila</FONT></DIV>
<BLOCKQUOTE
style="BORDER-LEFT: #000000 solid 2px; MARGIN-LEFT: 5px; PADDING-LEFT: 5px">
<DIV><FONT face=Arial size=2><B>-----Original
Message-----</B><BR><B>From: </B>Tony Pylypuk <<A
href="mailto:tpylypuk@xxxxxxxxxxx";>tpylypuk@xxxxxxxxxxx</A>><BR><B>To:
</B><A
href="mailto:realtraders@xxxxxxxxxxxxxxx";>realtraders@xxxxxxxxxxxxxxx</A>
<<A
href="mailto:realtraders@xxxxxxxxxxxxxxx";>realtraders@xxxxxxxxxxxxxxx</A>><BR><B>Date:
</B>Friday, May 05, 2000 10:31 AM<BR><B>Subject: </B>[RT] Missing
data<BR><BR></DIV></FONT>
<DIV><FONT color=#000000 size=2>Can anyone post the OHLC for the SP500
for April 13,2000.</FONT></DIV>
<DIV><FONT color=#000000 size=2></FONT> </DIV>
<DIV><FONT color=#000000 size=2>Thanks, </FONT></DIV>
<DIV><FONT color=#000000 size=2></FONT> </DIV>
<DIV><FONT color=#000000
size=2>Tony</FONT></DIV></BLOCKQUOTE></BLOCKQUOTE></BODY></HTML>
</x-html>From ???@??? Fri May 05 06:52:14 2000
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From: "Daniel Brock" <brock@xxxxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Subject: [RT] Re: R: Re: Missing data
Date: Fri, 5 May 2000 14:14:57 +0200
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<DIV><FONT color=#000000 size=2>My quotes were the SP500 CASH index, which is
what I thought he was requesting.</FONT></DIV>
<DIV> </DIV>
<DIV><FONT size=2>Gila</FONT></DIV>
<BLOCKQUOTE
style="BORDER-LEFT: #000000 solid 2px; MARGIN-LEFT: 5px; PADDING-LEFT: 5px">
<DIV><FONT face=Arial size=2><B>-----Original Message-----</B><BR><B>From:
</B>Gram <<A
href="mailto:gramario@xxxxxx";>gramario@xxxxxx</A>><BR><B>To: </B><A
href="mailto:realtraders@xxxxxxxxxxxxxxx";>realtraders@xxxxxxxxxxxxxxx</A>
<<A
href="mailto:realtraders@xxxxxxxxxxxxxxx";>realtraders@xxxxxxxxxxxxxxx</A>><BR><B>Date:
</B>Friday, May 05, 2000 11:34 AM<BR><B>Subject: </B>[RT] R: Re: Missing
data<BR><BR></DIV></FONT>
<BLOCKQUOTE
style="BORDER-LEFT: #000000 solid 2px; MARGIN-LEFT: 5px; PADDING-LEFT: 5px">
<DIV><FONT face=Arial size=2>My CSI data confirms Ray's prices.
</FONT></DIV>
<DIV><FONT face=Arial size=2><BR>148600 149250 145200
145600</FONT></DIV>
<DIV><FONT face=Arial size=2>Don't know why PCquote is different.
</FONT></DIV>
<DIV><FONT face=Arial size=2>Gram.</FONT></DIV>
<DIV><FONT face=Arial size=2><BR> </DIV></FONT>
<DIV><FONT color=#000000 size=2>O - 1467.17</FONT></DIV>
<DIV><FONT color=#000000 size=2></FONT><FONT size=2>H -
1477.52</FONT></DIV>
<DIV><FONT size=2>L - 1439.34</FONT></DIV>
<DIV><FONT size=2>C - 1440.51</FONT></DIV>
<DIV><FONT size=2></FONT> </DIV>
<DIV><FONT size=2>Source: PC Quote.</FONT></DIV>
<DIV><FONT size=2></FONT> </DIV>
<DIV><FONT size=2>Gila</FONT></DIV>
<BLOCKQUOTE
style="BORDER-LEFT: #000000 solid 2px; MARGIN-LEFT: 5px; PADDING-LEFT: 5px">
<DIV><FONT face=Arial size=2><B>-----Original
Message-----</B><BR><B>From: </B>Tony Pylypuk <<A
href="mailto:tpylypuk@xxxxxxxxxxx";>tpylypuk@xxxxxxxxxxx</A>><BR><B>To:
</B><A
href="mailto:realtraders@xxxxxxxxxxxxxxx";>realtraders@xxxxxxxxxxxxxxx</A>
<<A
href="mailto:realtraders@xxxxxxxxxxxxxxx";>realtraders@xxxxxxxxxxxxxxx</A>><BR><B>Date:
</B>Friday, May 05, 2000 10:31 AM<BR><B>Subject: </B>[RT] Missing
data<BR><BR></DIV></FONT>
<DIV><FONT color=#000000 size=2>Can anyone post the OHLC for the
SP500 for April 13,2000.</FONT></DIV>
<DIV><FONT color=#000000 size=2></FONT> </DIV>
<DIV><FONT color=#000000 size=2>Thanks, </FONT></DIV>
<DIV><FONT color=#000000 size=2></FONT> </DIV>
<DIV><FONT color=#000000
size=2>Tony</FONT></DIV></BLOCKQUOTE></BLOCKQUOTE></BLOCKQUOTE></BODY></HTML>
</x-html>From ???@??? Fri May 05 07:23:13 2000
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Date: Fri, 05 May 2000 07:04:09 -0700
From: Ira Tunik <ist@xxxxxx>
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Subject: [RT] Limit Order Display
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Status:
This is informational. Delete if not interested.
By Anne Marie Kelly, BridgeNews
Washington--May 4--The Securities and
Exchange Commission has found " significant
violations" in the proper display of customer limit
orders in the equities and options markets,
according to a report released Thursday by the
commission.
* * *
"This report shows a pattern of serious neglect
by some market participants in displaying limit
orders," said SEC Chairman Arthur Levitt. He
made his remarks at the opening of the
commission's roundtable on transparency of limit
orders in the capital markets on Thursday.
Levitt called for a roundtable with
representatives from all markets, dealers, market
data vendors, and others who are affected on
the feasibility of displaying all limit order books as
decimalization approaches.
Staff from the SEC's Office of Compliance
Inspections and Examinations (OCIE), who
studied the display rates for the past two
months, reported that the most significant
violation rates occurred with manually handled
limit orders by Over-The-Counter market makers.
The violations included failures to display proper
order size, failures to display orders within 30
seconds after receipt, and failures to properly
transfer the order display obligation to another
exchange system or member.
Under the commission's 1996 limit order display
rule, dealers must execute a customer limit order
or display it within 30 seconds. This was aimed
at rewarding those who improved upon the
market price.
There is no such rule, however, in the options
markets. But, according to the SEC, the options
markets are currently looking to adopt a similar
rule and enhance its surveillance of limit order
displays.
While many order display systems are now fully
automated, diminishing the chances of
manipulation, the report showed that many OTC
market makers handle all customer limit orders
manually.
Further, the SEC said that most automated
exchanges and OTC market makers allow some
limit orders to be excluded from automated
display and execution and are handled manually
by specialists and traders.
In a speech at Northwestern University on March
16, Levitt urged the capital markets to
voluntarily display their limit order books, saying
he was "deeply troubled" over the SEC's findings
that some markets are mishandling limit orders.
The OCIE staff previously conducted a series of
inspections of exchanges' surveillance and
disciplinary programs in the equities markets and
found serious deficiencies.
Levitt directed the examiners to produce the
report, released Thursday, analyzing the
transparency of limit orders in the equities and
options markets.
The examiners then did follow-up reviews during
March and April. They also reviewed the quality
of limit order display by several large OTC market
makers and in the options markets.
While limit orders serve a critical function in the
market by increasing information available to the
market and by allowing all market participants to
better determine prices, SEC examiners found a
pattern by some market participants of poor
implementation of displaying limit orders and a
neglect in surveillance.
The sampling of abuses found by the SEC include
manually handled limit orders received by three
larger-sized OTC market makers that showed
violations of the display rule at rates of 92%,
58%, and 46%. A fourth, larger-sized market
maker revealed an apparent violation rate of
26.5% of the samples reviewed.
Other abuses resulted from employees at OTC
market making firms turning off the firms'
automated display systems.
At one large OTC market maker a trader turned
off the firm's automated display system for an
entire day, resulting in the manual handling of
more than 1,000 customer limit orders.
As a result, one trader that day failed to
properly display 83% of the eligible customer limit
orders that he manually handled. The violations
included failures to display proper order size and
failures to display orders within 30 seconds after
receipt.
At another OTC market maker, a firm employee
turned off the automated display feature for the
firm's entire OTC trading desk for a period of
several months without detection by the firm.
A sample of eligible limit orders received during
this period revealed an apparent display rule
violation rate of 46%. The SEC said the
violations included possible failures to display
proper order size and failures to display orders
within 30 seconds after receipt.
But an earlier examination of the same market
maker revealed that before this event occurred,
the firm failed to properly display 78% of a
sample of customer limit orders. The SEC said
that despite the installing it allowed traders to
manually handle the orders on several occasions,
with a violation rate of 22%. The violations
consisted of failures to display orders within 30
seconds after receipt.
In an examination of one exchange, a sample of
400 manually handled customer limit orders
eligible for display revealed that approximately
one in six were not executed or displayed
appropriately.
But the SEC report noted that there have been
improvements in the markets since its first
inspections following the adoption of the
so-called 30-second rule.
These have resulted from automation of the
markets' order routing and surveillance programs,
the SEC said.
Yet the SEC concluded that many exchange
specialists and OTC market makers should take
steps to improve the prompt display of customer
limit orders, and th at many SROs can take steps
to ensure better compliance with limit order
display requirements. End
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