Bypassing Wall St.
- Thread starter Babak
- Start date
the world has changed for most of us, indeed. it occurs to me that it's an outward change, because what happend on 9/11 has been going on in some form or another for all of time. Somehow that didn't come out as i intended it to....
But yes, for that to occur here in the land of the free and the home of the brave, well, I still haven't digested it. I may never.
I was in manhattan september 6 signing up w/my firm (on Wall). what a great place. the firm I just left had just opened an office in wtc. thankfully, all evacuated safely.
I've always loved NY and just the thought of the Statue of Liberty makes my eyes wet.
Chasin,
My understanding of ARCA and the reason that I started to use them is that supposedly ARCA can hit other ECNs and Specialists with their limit orders. Where as ISLD only matches ISLD orders.
The other thing I thought until yesterday was that no odd lots were allowed, but someone sold me 20 shares so I guess that was a fluke or it has changed. This happened on ISLD.
I have never tried it with a listed stock, but it works pretty well for Nasdaq stocks.
Good trading tomorrow.
My understanding of ARCA and the reason that I started to use them is that supposedly ARCA can hit other ECNs and Specialists with their limit orders. Where as ISLD only matches ISLD orders.
The other thing I thought until yesterday was that no odd lots were allowed, but someone sold me 20 shares so I guess that was a fluke or it has changed. This happened on ISLD.
I have never tried it with a listed stock, but it works pretty well for Nasdaq stocks.
Good trading tomorrow.
listen to this:
"When ARCA is fully operational in the next month or two, orders there cannot be traded through by the NYSE without significant penalty. Of more importance is the ability for folks like you to cancel and replace orders at will. The NYSE prohibits electronic entry and cancel of orders for a reason -- it allows a free "time" option. Electronic venues remove that free option and you can cancel if the market changes."
I do all my business on the NYSE, and that 'free time' game, as well as others that are within the 'rules,' cost me <b>alot </b>of money.
"When ARCA is fully operational in the next month or two, orders there cannot be traded through by the NYSE without significant penalty. Of more importance is the ability for folks like you to cancel and replace orders at will. The NYSE prohibits electronic entry and cancel of orders for a reason -- it allows a free "time" option. Electronic venues remove that free option and you can cancel if the market changes."
I do all my business on the NYSE, and that 'free time' game, as well as others that are within the 'rules,' cost me <b>alot </b>of money.
Chasin,
That looks like good news on the surface, we will see how it works in practice. I have the cancel problem once in a while, but more often when I screw up.
It will be interesting to see how putting a few orders out on ARCA in say 2 months will work out. My big question is if brokers will route to ARCA if you are at the best bid/ask. If not then being pennied is still a possibility as is having the order routed to the specialist at your price, even if you are best since this would not be trading through would it?
That looks like good news on the surface, we will see how it works in practice. I have the cancel problem once in a while, but more often when I screw up.
It will be interesting to see how putting a few orders out on ARCA in say 2 months will work out. My big question is if brokers will route to ARCA if you are at the best bid/ask. If not then being pennied is still a possibility as is having the order routed to the specialist at your price, even if you are best since this would not be trading through would it?
Originally posted by trdrmac
Chasin,
That looks like good news on the surface, we will see how it works in practice. I have the cancel problem once in a while, but more often when I screw up.
It will be interesting to see how putting a few orders out on ARCA in say 2 months will work out. My big question is if brokers will route to ARCA if you are at the best bid/ask. If not then being pennied is still a possibility as is having the order routed to the specialist at your price, even if you are best since this would not be trading through would it?
No it would not be trading through. I think being pennied is here to stay, because they can call it 'price improvement.' The ability to cancel my order is enormous. Imagine needing special permission from the specialist to cancel and order. Well, that's what it amounts to.
To be able to have liquidity in listed issues without having to pay that self interested middleman is the goal. I am mindful of the issue of stability...I traded emlx...it just seems like, with all the games the specialist has to play to make his money, the market is trying to tell him he's redundant. But NYSE rules give him this enormous edge, so he can make a fortune and be happy. If things get to the point where he can't make his fortune, I don't know if he'll stick around. He may just wind up behind a terminal like the rest of us.