AMEX - NAZ stocks update

D

Don Bright

As promised, here is a short recap of the upcoming AMEX listing and trading of Nasdaq stocks.

I'll post a whole presentation as soon as I get the OK from the AMEX for release.

Here's what I can tell you so far:

AMEX will be taking 74 Nasdaq stocks related to the S&P 500 and start to with the "Market on Close" procedures exactly like the NYSE. This will allow for a (20 minute prior to close) release of the MOC imbalances, follwed by a 10 minute prior to close follow-up.

This should start with 12 stocks on December 1st. I'll have the exact list sometime next week.

The plan is to start the OPENING procedures soon thereafter. This will allow the same single market opening procedure as the NYSE, thus giving a real number for the Opening Price of these Nasdaq stocks.

I explained how traders like to help with the Specialist's opening and closing procedures, and also warned that if the AMEX Specialist Firm's don't do this in a fair and orderly fashion, that there will likely be a boycott of sorts (since we don't want to participate if the markets aren't traded correctly).

They hope to have both opening only and MOC's in play by March 2004 expiration.

Hopefully a big step in the right direction.....(yes, "hopefully").

FYI...

Don
 
Quote from Don Bright:

As promised, here is a short recap of the upcoming AMEX listing and trading of Nasdaq stocks.

I'll post a whole presentation as soon as I get the OK from the AMEX for release.

Here's what I can tell you so far:

AMEX will be taking 74 Nasdaq stocks related to the S&P 500 and start to with the "Market on Close" procedures exactly like the NYSE. This will allow for a (20 minute prior to close) release of the MOC imbalances, follwed by a 10 minute prior to close follow-up.

This should start with 12 stocks on December 1st. I'll have the exact list sometime next week.

The plan is to start the OPENING procedures soon thereafter. This will allow the same single market opening procedure as the NYSE, thus giving a real number for the Opening Price of these Nasdaq stocks.

I explained how traders like to help with the Specialist's opening and closing procedures, and also warned that if the AMEX Specialist Firm's don't do this in a fair and orderly fashion, that there will likely be a boycott of sorts (since we don't want to participate if the markets aren't traded correctly).

They hope to have both opening only and MOC's in play by March 2004 expiration.

Hopefully a big step in the right direction.....(yes, "hopefully").

FYI...

Don
More...


Don't forget that $0.0015 per share AMEX UTP Transaction Fee you pay.
 
I hate to be pessimistic this early in the morning but you and all other traders with this style of trading have your hands full. At my desk we have complaints about the AMEX specialists daily. Both on an agency and principal basis. It really is still the wild west down there. I could go into detail but I am sure that anybody who has traded AMEX will just be reading and nodding their heads.
And for some optimism...maybe this will bring the regulatory magnifying glass closer and they will clean up their act.

Good luck!
 
Partial Quote from Don Bright:

...I explained how traders like to help with the Specialist's opening and closing procedures, and also warned that if the AMEX Specialist Firm's don't do this in a fair and orderly fashion, that there will likely be a boycott of sorts (since we don't want to participate if the markets aren't traded correctly).

... Hopefully a big step in the right direction.....(yes, "hopefully").

FYI...

Don
More...



Don,

Intriguing info. Will be interesting to further learn the details...

It's still somewhat amazing that the AMEX is moving so quickly to implement the OPG and MOC to fall more in line with the NYSE. Although NASDAQ's competition with NYSE and the ECNs made it inevitable, I suppose.

And, as you and others here infer, with its inherent reputation of unfairness to all comers, the onus is on AMEX - bigtime - this time...all over,... again... :D




Ooooo Weeee! You sure you're gonna be able to handle two ET OPG threads?... Just dealing with sorting out the cries of double dealing in the 2nd thread would be overwhelming...! :D

 
You must log in or register to reply here.
Back
Top