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Well, I agree that late prints can be outside of the current spread by definition. But in order to cross a large block outside of the current quotation on NYSE, the floor broker has to take all the current liquidity (included specialist and floor broker's reserve size) up to clean-up price...

Not quite right. A specialist usually delays openings for assigned symbols from seconds up to several minutes, and the very first print disseminated from NYSE will be at the open price (or O of the very first OHLC candle if you wish). I cannot recall any NYSE stock that opens exactly at the...

You can send 1 share order if you want to. On NYSE the specialist will take the other side of the trade, and sometimes you'd see the print inside of the spread.

I may be wrong, but I cannot recall any trade on NYSE below bid or above offer. You can see trades inside of the spread, and that may be price improvements by the specialist (very seldom these days though) or odd lot trades.

One can spot hedge fund/institutional activity by watching the tape.

It can be a MANUAL crossed order, when a floor broker has both buy and sell orders for the same security. In this case the broker doesn't have to publish his interest, so it won't be quoted.

Hey Mav, Little bit off-topic, but why do you think tape reading is dead? Just pick up a listed stock with the trade volume WAY bigger than on other exchanges/ESNs, and you'll see the same patterns you used to see: stepped up bids, plus tick bids, perfect prints, refresh offers (if the...

A specialist of a floor broker have to show at least 1K size in order to put reserve size. So if you see the size less than1K you can be pretty much sure you'll hit that size (and sweep the book if your size is bigger than showed). If the current size shows more than 1K - that's a different...

You'll get exact price showed on the offer unless the specialist steps in and improves the price (rarely happens these days though). If your size is bigger that the offer size you'll sweep the book, unless there is reserved size (applies to floor trader and specialist quotes, but they have to...

Seriously. Under NYSE Hybrid system, orders under1,000,000 shares get automatically executed with no specialist involved. http://www.nyse.com/pdfs/hm_booklet.pdf I'd repeat what FXTraderWill said: a specialist has a little to do these days, just open/close, seldom price improvements...