Market sweep prints, ISO prints, reserve liquidity (a.k.a refresh prints), cross prints, PRIN prints, all of these can be observed on NYSE without looking at NYOB. Tape reading is still alive, and it will be.
Any NYSE only traders left?
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yes please I agree. lol. any help with the opening nyse alert or how you find/get filled, on sweep orders would help huge.
Of course if it will take away from your business, I understand not sharing specifics.
8s
Not to worry, always glad to help.
We do some manual enveloping (holding bids below the NBBO bid, and short sales above the NBBO offer), and have automated programs that do that for us. They constantly adjust our prices. When the Specialist sweeps up or down, or closes the book and makes a print up or down based on the exceptions/exemptions from the hybrid/NMS rules.
We "take" (hit bids or take out offers) on the NYSE, and we "park" on ARCA, so that when someone hits our bid or takes our offer, we get rebates from ARCA.
All the best,
Don
A friend of mine uses the manual post bids and offers strat, but Im not sure what you mean about ARCA and NYSE? could you give an example with price levels?
Thx
8s
Thx
8s
I entered a limit buy order this morning for 100 shares of Y (Alleghany) at 346.06. My 100 shares was the only bid size at that price level. A few minutes later there was an execution of 100 shares at 346.06, but I didn't get filled.
I called Fidelity to complain. They checked with their trading desk and said that there is an exception called a "market sweep" that allows the specialist to buy shares at the bid price and not include "retail" orders in the sweep.
Was I ripped off? If this is legal, it seems very unfair. The other thing I didn't like is Fidelity routed the order to Citadel Derivatives. I wonder if they jumped in front of me.
I called Fidelity to complain. They checked with their trading desk and said that there is an exception called a "market sweep" that allows the specialist to buy shares at the bid price and not include "retail" orders in the sweep.
Was I ripped off? If this is legal, it seems very unfair. The other thing I didn't like is Fidelity routed the order to Citadel Derivatives. I wonder if they jumped in front of me.
That's bullshit, they were dicking you over. You got robbed, which you deserve I guess (well no one deserves it but it's the wild west) for using a broker known to makem oney off orderflow.
The ARCA ECN (even though they are merged with NYSE) pays you if you "rest" your orders on their market center. NYSE does not pay. But, ARCA charges 4 times a much as the NYSE in exchange fees if you "take" ...meaning hitting bids or taking offers immediately. So, when "parking" or "resting" (synomous) we use ARCA, and when "taking" we use NYSE.
You can see the pricing differentials here:
http://www.stocktrading.com/Exchange Fees - October 2007.html
Don
Absolutely wrong. Market sweep hits the book, and the specialist has to provide price improvement in order to jump in front of a customer order. Otherwise, specialist violates PPY rule and you can complain.
BTW, did you actually get your execution from NYSE?
Fidelity did what most brokers do, and that's sell your order (flow) to a third party for payment. It's "legal" but a horrible practice since the customer (you) loses control of the order. The Specialist "can" do what he did because he didn't trade at a lower price than your bid, and since you only had a 100 shares, they can "size out" orders...rare, but it happens. Change brokers as the other gentleman said, execute orders yourself would be my suggestion.
Don