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TRADER 1: I bought 10 at 1/8, and don't print it for, for a few minutes, cause I told the guy I'm just making a sale out of the blue. Alright? |
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TRADER 2: I'll, I'll print after the bell. |
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TRADER 1: Thanks, bud. |
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The Return Trade Courtesy |
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If additional orders were received from the customer, the market maker with the order also considered itself under a "professional" obligation to seek to trade first with the market maker with whom it last traded. It was also generally understood that a market maker that hit another market maker's bid or lifted its offer would not thereafter move its quotes without first consulting the market maker with whom it had just traded. |
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Improper Disclosure Of Customer Orders |
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Market makers who failed to disclose their customers' orders were considered "unprofessional," at times received complaints and harassing phone calls from other market makers, and risked losing access to information and trading opportunities provided by others. For example, in one taped conversation, a trader complained to another trader who did not fully disclose his customer's order when they first traded: |
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TRADER 1: if you had more you should just show me your picture. I try and make good prints for you. But |
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TRADER 2: I'm dealing with a very difficult customer. I ask him, "How much have you got to sell?" They don't eventhey say, "**** you. I ain't telling what's for sale. This is what I've got. Work it." |
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TRADER 1: Ok. |
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TRADER 2: That's how it's doneI mean, I'm not playing games. Believe me. I'm the last person in the street to play those things. |
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