Mmm, maybe ISLD should become its own exchange... some excellent posts, Don!
challenging trading environment
- Thread starter captainkirk
- Start date
Do I detect a tone of sarcasm, here?
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JayS
Member
02-21-02 12:30 PM
Island Futures Exchange Approved as Designated Contract Market
http://biz.yahoo.com/bw/020220/202554_1.html
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Shows you what can happen when there's =no= conflict of interest between regulatory authorities and exchanges.
Just wanted to repost a nice comment, so few and far between (gotta keep up my #of posts to stay competitve)..
Seriously though, I would like to hear back from you guys when the Super Montage kicks in, let me know what is happening...speed, new costs, etc.....
Thanks...
Don,
I'm glad to hear you and others agree that SuperMontage is a disaster. There was a thread on it here a week or so ago and many did not seem to understand what an underhanded and cynical attempt it is by MM's to reassert their control. This current market is bad enough. If they manage to turn the clock back to the days of MM-cartel controlled spreads, I suspect many will just say adios to stock trading and go back to the futures markets. I know I will.
I'm glad to hear you and others agree that SuperMontage is a disaster. There was a thread on it here a week or so ago and many did not seem to understand what an underhanded and cynical attempt it is by MM's to reassert their control. This current market is bad enough. If they manage to turn the clock back to the days of MM-cartel controlled spreads, I suspect many will just say adios to stock trading and go back to the futures markets. I know I will.
AAA - Glad that others are aware of this whole thing. I am hoping (always the optimist) that there will be some fairness come to pass with the ECN's and perhaps with the Cincy exchange (Island)...routing of orders, etc.
(I get nervous when I bring up certain topics, for fear I may "step on some toes")....
Getting back on the subject of the NYSE
I work for a firm that trades only NYSE and AMEX stocks. The environment has changes drastically in the past for weeks, I agree. I know one poster talked about DYN. I used to trade DYN a few times a day and make $1500 a day easy on it. Now, the specialist is gapping the stock all over. So, what has worked for me is to go to thicker stocks where I won't get gapped up huge. I play TGT and CPN alot with bigger size...sometimes 6-7k at time. Also, there were some posts about the order book on the floor. No longer is hte specialist the only one who can see that book. We have access to the book now too. It is through a specialist program we have called the IE Blotter. This thing shows us our postions, P&L, we buy bullets on it...it does everything. The order book thing is called Open Book and looks just like an ISLD book from ISLD.com. You cannot see names, but you can see size and price on the buy/sell side. It costs $5000 for the data feed and $50 for each terminal that uses it, so it is not cheap at all. But, we trade big lots of stock, so our firm says that it is worth it. Here is a link to some info on Open Book.
http://www.nyse.com/abouthome.html?query=/about/networknyse.html
If you can get access to this, it is the greatest thing since the internet for the NYSE trader. You can see everything! It has shot my profits through the roof by using the Open Book along with the T&S.
NYSEat21
I work for a firm that trades only NYSE and AMEX stocks. The environment has changes drastically in the past for weeks, I agree. I know one poster talked about DYN. I used to trade DYN a few times a day and make $1500 a day easy on it. Now, the specialist is gapping the stock all over. So, what has worked for me is to go to thicker stocks where I won't get gapped up huge. I play TGT and CPN alot with bigger size...sometimes 6-7k at time. Also, there were some posts about the order book on the floor. No longer is hte specialist the only one who can see that book. We have access to the book now too. It is through a specialist program we have called the IE Blotter. This thing shows us our postions, P&L, we buy bullets on it...it does everything. The order book thing is called Open Book and looks just like an ISLD book from ISLD.com. You cannot see names, but you can see size and price on the buy/sell side. It costs $5000 for the data feed and $50 for each terminal that uses it, so it is not cheap at all. But, we trade big lots of stock, so our firm says that it is worth it. Here is a link to some info on Open Book.http://www.nyse.com/abouthome.html?query=/about/networknyse.html
If you can get access to this, it is the greatest thing since the internet for the NYSE trader. You can see everything! It has shot my profits through the roof by using the Open Book along with the T&S.
NYSEat21
I am told that the "Open Book" is a 15 second delay.....and that would mean (obviously), that it will be of little value to anyone. The fee is not important if we are getting valuable data....but if it is late, or more important, subject to "changes" during the time frame, then I question any benefit.
Please let me (us) know if I am not correct on this. We were just on the NYSE floor on Tuesday and that was what was told to one of my traders...??
Please let me (us) know if I am not correct on this. We were just on the NYSE floor on Tuesday and that was what was told to one of my traders...??
Dearest Brother Don,
I believe that you are correct in your assertion of a delay in the OrderBook. Indeed, the OrderBook is available for a modest fee through many retail brokers, and I see no real value in relying upon it.
With my warmest feelings of fraternal instincts,
Candle
I believe that you are correct in your assertion of a delay in the OrderBook. Indeed, the OrderBook is available for a modest fee through many retail brokers, and I see no real value in relying upon it.
With my warmest feelings of fraternal instincts,
Candle
It's a ten second delay according to nysedata.com:
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Can the NYSEâs best bid and offer ever be inferior to the âtop of bookâ in OpenBook?
A: Because OpenBook is updated every ten seconds and the best bid and offer can be updated more frequently, there may be instances where the NYSEâs best bid and offer may appear inferior to the best bid or offer in OpenBook.
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