Yes you've said that repeatedly and we dissected that a bit yesterday. OK - the MM's are "unregistered" I gather. What is the significance of that statement? Why would the retail investor worry if they are unregistered? These guys take buy and sell orders and make a market. They respond to ebbs and flows of trading activity. It is a distinction without a meaningful difference.
If a PR came out showing that PAIM discovered a 50 ton chunk of pure gold ten feet below the surface waiting to be dug up, buy orders would flow in and we would see the bid build and the ask thin. Saying that there are no MM's - based on the fact they are "unregistered" or that the quotes are "unsolicited" means nothing that I can see.
"An unsolicited quote is one which represents an "Unsolicited Customer Order". Publishing unsolicited quotes allows a broker/dealer to meet an exception to Rule 15c2-11, which requires a broker to have in its possession current information, including financial information, about the issuer of the securities. To avail itself of this exception to SEC Rule 15c2-11, an NASD member firm must ensure that the quotation published or submitted: (1) is solely on behalf of a customer; (2) represents the customer's indication of interest; and (3) does not involve the solicitation of the customer's interest."
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