Recent content by lebowski

The quoted posting mentions increased activity from MMs and ECNs...providing significantly more pressure than before. Yet, it is not clear on what precludes MMs and ECNs from being able to trade these stocks without them being "dual listing".

Strong comments. What differences are you seeing in order flow? Where is it going to (ie; ECNs) and why? Not clear to me why there is a need for MMs except for illiquid stocks, which are largely the low priced and unprofitably traded OTC BB.

How does an increase in program trading negatively impact the profitability of specialists & market makers (those who provide liquidity)? I've read many times it does, but can't find precisely why. Program trading has stablized to around 40% for past few quarters. What would drive this %...

NITE's (as well as SCH's, Dempsey's, etc) market making segment has experienced quickly dropping revenue capture per share. Sure, vol has decreased, but are there other long-term forces going on to decrease their profitability? How is trading from a principal basis (without enjoying the...

If the current automation proposal (ie; expanded # of shares and elimination of the 30 second delay for the Direct + system) is approved, what is the estimated impact to the specialist's trading volume they currently have? Additionally, of the volume the specialist trade, they only actively...