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Trader Sanctioned for Harassment of Market Maker

Traders Magazine, November 1998

Jeffrey L. Winograd

What happens when a trader is upset because a competing market maker narrows the spread in a Nasdaq security? Generally, most traders will take their lumps.

Besides, traders are accustomed to forces at work limit-order display rules and quotations in sixteenths among them that tend to naturally narrow spreads.

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