AMEX closing ???

[patefern]

Quote from jem:

This is part of the inevitable result of publicly traded companies buying up the specialists posts. Instead of understanding that everyone makes less in a bear market. These and the other greedy bastards sought to make as much by screwing the customer harder. In the end the customer has won. The nyse will never be the same institution. Perhaps it was inevitable because of electronics. But if the specialists had not been so greedy and started to take the others side of trades so often screwing traders then this would not have happened.

My theory. A market maker can screw someone 10 percent of the time but not 30 or more percent of the time.

I mean I felt it in my trading. Instead of getting to interact with other orders at the price I wanted, I had these dirt bags pennying me on both sides of the trade.

What is the saying pigs get fed hogs get slaughtered.

Your post is right on target. Years ago I often heard about not trading with the AMEX and wasn't sure why, but after some unpleasant experiences over time, be it stock or options, it was obvious in time they wouldn't be around alot longer. Traders were taking the path of least resistance. Like the saying goes "what comes around goes around".

 

[def]

Quote from bungrider:

DEF posted some blurbs lately about IB/TMBR Hill leaving AMEX as well...

where the hell is def these days, anyway???

I'm still around but have been busy on the trading side. Have you seen the Asian markets lately?

Some of you old timers on the board might recall an ongoing debate I had a few years back in regards to electronic trading vs open outcry and in particular how the AMEX specialist system and method of trading was unfair. the market has spoken. I think this quote from the chairman of IBG says it best when pulling our operations from their floor ....
"The U.S. exchanges are way behind the rest of the developed countries [in developing electronic trading systems], and the Amex appears to be behind the other U.S. exchanges..... This is not because they are incapable; it is purposeful."

 

[limitdown]

whether using the NYSE Open Book, or their Super Dot or otherwise, the ability of the specialist to turn the automated system OFF and have the orders routed to them directly should NEVER be allowed.

there really is no more edge for the public customer to attempt to scalp or literally daytrade (by holding positions for less than 3minutes and selling back into demand), which essentially what the specialist has become... The ultimate Daytrader....

with the lack of automation sufficient that an ISE formed, and other premarket/postmarket option trading systems have grown up and threatend the primary three listed options' exchanges (CBOE, AMEX, PSE, as the others really don't matter) was death kneel enough...

all the warning signs were ignored, and new technologies were offered, rejected in favor of the membership, as if they actually were customer, merchant and vendor all in themselves...

it is not surprising that the other companies have judged the cost of maintaining an operation in presence too expensive.

for years we have been complaining that the options' markets are no longer fair to the customer basis.