Adapting to the Hybrid

[stock777]

Nasdaq used to be a LOT nuttier than NYSE.

Maybe the shoe is on the other foot now.

 

[Hydroblunt]

Quote from Don Bright:

Oh yeah, to Monistat7: I have no idea what other shops are doing, but our seasoned traders have adapted quite well - and like getting liquidity rebates (extra money). Pairs guys are happy, and the guys who have programs for triggering sweeps are happy. Our volume hasn't dropped at all. And, as for new people, they simply don't know that we didn't always have the hybrid, so they have no problems at all.

The week it actually becomes slightly worse at Bright will be the week when the world will end.

Quote from monistat7:

i simply dont see how most prop shops, especially the ones who were very heavy on nyse stocks, can stay afloat with such a huge cut in their revenues.

That's why they have been raising and adding monthly fees. And churning new guys still works, since it's their money not the firm's.

Quote from Steelhead:

hydro do you still trade? i saw a while back you seemed to be doing ok and posting to the PNL thread.

I was doing it part time, well at least trying to. I was getting overwhelmed with my main activities and it was just not high on my list of priorities. But I do remember when they were rolling out Phase I and there was a day where the fills were so horrific that it was like an alarm going off in my head. What really was the final straw were all these new and raised fees from the firm (some from NYSE & Naz as well). Just not worth my time, I would rather sleep in, go workout or do research. My passion & level of interest for daytrading US stocks burned over a year ago. Just swing trading & investing for me.
It terms of full time trading, there are just so many other markets that are much more lucrative than NYSE & Naz. You guys gotta realize that US equities is probably a top 2 or 3 most competitive market out there right now. And it's not going to get any easier.

 

[traderyin]

Quote from Scalper007:

Here is an odd situation I noticed today in MAN. The stock is trading at 75.42 and then all of a sudden PSE is printing $1 below at 74.42. The specialist freezes and all the other ecns are still at 75.42. I have a bid at 74.80. Then the specialist resumes, brings down the stock to 75, and then blasts off to 75.75..I have never seen this kinda crap take place before on the nyse. Can someone please explain to me what is happening here? Why the hell would pse trade $1 below the current market price? And then why didn't the specialist bring the stock down to where pse traded?

This hybrid has created a circus out of the nyse and I've become a clueless clown.

Please see attached for t&s

By the way, thank you Don for the sweep answer.

I think this is what happen....( not sure)

The stock triggered a LRP. NYSE quote froze. But ECNs are still allow to trade through. Some program want to sell or spot a sell sweep on NYSE- and chose to sell 1 pt lower on ECN. (It probably the same seller on SDOT who knows. He has alot of size he just want to get out of). What I want to know is, how big is the print on NYSE at 75?

My guess is someone knew something is wrong or want to get out alot of size before earning- and willing to pay 1 pt thru. From hindsight, that 1 pt is worth it.

The only way to guess where the sweep go is to look at the open book and see if someone put a huge order thru either side.

Ohh. The best way to get fill is to put a order thru the offer. Sometimes you get the bottom fill (75.00) and the stock goes back very quickly for a good decent profit. But make sure your order is in right when it hit LRP.

 

[javs5150]

Quote from traderyin:

I think this is what happen....( not sure)

Ohh. The best way to get fill is to put a order thru the offer. Sometimes you get the bottom fill (75.00) and the stock goes back very quickly for a good decent profit. But make sure your order is in right when it hit LRP.

Instead of placing an order through the offer can one just smart swipe all the offers available on the ecns?

 

[javs5150]

Quote from Don Bright:

We have traders with programs that kick in with a 5 cent (for example) move from last. Newer "scalpers" have bids and offers in at all times on their "children" stocks (stocks they trade every day). We do what we can to maximize our entries via sweeps whenever possible. Don

What do scalpers average per sweep trade, .20-.40? What is the average trade size?

 

[Scalper007]

Kwancy and traderyin, thanks for the answers. It's just really awful if someone becomes a victim of such nonsense. They just decide to trade at whatever price they want at anytime they want without any warning or indication. We're at their mercy in stocks like man...

 

[eusdaiki]

Once NMS comes into effect in a few months sweeps are gone... no more fills outside NBBO.

 

[ig0r]

Quote from eusdaiki:

Once NMS comes into effect in a few months sweeps are gone... no more fills outside NBBO.

Wrong. Only the top of the book is protected.

 

[monistat7]

Quote from ig0r:

Wrong. Only the top of the book is protected.

man that sucks. hybrid is truly a crappy version of nasdaq.

 

[trade4succes]

Quote from ig0r:

Wrong. Only the top of the book is protected.

are you very sure? i always thought everything is protected. i´ll see if i can find the proof somewhere