Class Action Lawsuit against NYSE Specialists
- Thread starter NDQnCA
- Start date
why is everything bitching and whinning around here....The previous posters make great points and may have a good idea in a class action (which will never surface)....what you are implying is that since the specialist paid a million bucks they have the right to mugg the investing or trading public...
by the way I have enjoyed many of your post as well...Mr.BrandonF...
the point that i am trying to make, asshole, is that there are unfair practices that go on and you know that too- and the point of the suit would be to reform that- why should we all get screwed just because some guy paid 1 million for a seat- he easily recovers that cost- the specialist's job is to provide a fair and orderly market and they don't always do that. and i can trade with them, its just if they don't pull as much bs as they do, i think we would all appreciate it.....
Wonder if they assign a 'specialist' for that auction?
If not, how in the world do they keep the auction from self exploding? I mean isn't it written somewhere in stone that you need a specialist in every market to make a fair and efficient matching up of demand and supply?
Why stop there? Lets have specialist for bread, milk, fruit, etc. How did those markets every operate without one?
The point I'm trying to make is that most traders spend the time they SHOULD be spending learning how to actually trade bitching and whining about conspircy theories. Traders who are successful, rather than try to make money in the courts, actually figure out a system that gives them an edge with the system that is in place. Life is not fair, the market is not any different. Trading is like life, 90% of people are not as successful as they should be, mostly because they waste a lot of time, usually bitching and moaning.
Sincerely Yours,
Asshole
The beauty of the NYSE is that each specialist moves his/her (are there any female specialists?) stock(s) differently. If you don't like one, you can just move on to the next.
After trading naz and NYSE, I can appreciate how the specialist stands between me and the rest of the frantic masses. NYSE stocks don't whip up and down the same as nasdaq. It's not that either market is "better;" they are just different.
This "they are screwing me" mentality can destroy your trading. If you don't like the NYSE, then vote with your feet and move to the nasdaq or the futures markets. If I'm saying, "stop whining," then I mean it only in the best of ways with only your interests in mind.
Best wishes and good trading.
After trading naz and NYSE, I can appreciate how the specialist stands between me and the rest of the frantic masses. NYSE stocks don't whip up and down the same as nasdaq. It's not that either market is "better;" they are just different.
This "they are screwing me" mentality can destroy your trading. If you don't like the NYSE, then vote with your feet and move to the nasdaq or the futures markets. If I'm saying, "stop whining," then I mean it only in the best of ways with only your interests in mind.
Best wishes and good trading.
That's exactly the point.
BrandonF, I know how to trade and do very well, thank you. The point is that the specialists are misrepresenting themselves. They tell the public they are there to provide a fair and orderly market when in reality they are traders like us that are there to line their own pockets all day. I don't have a problem with this, but they represent themselves differently is all.
And I am not saying that they aren't allowed to hold orders and give crappy fills so they can profit, but I would agree that they then should at least change their mission statement to more accurately reflect what actually happens all day, to something like "We're here to enrich ourselves at the expense of everyone who send orders here, take as many winners as we can, and when it suits us provide a liquid market for people without our 'edge' to get trades off."
I play the game according to their rules, I have for years. But if their job is solely to do whatever to enrich themselves, why shouldn't we do the same. The lawsuit thing is all a tongue-in-cheek joke, nobody would ever really do it, but it is fun to talk with other NYSE traders about the tribulations of the day.
FYI - In playing within their rules in my time, I have called the floor for price corrections and won hundreds of times (meaning I was able to prove the specialist screwed up on a fill), sent in letters to the exchange on some of the worst occasions, even had some of the senior people at the NYSE talk to me in regards to an inquiry I created on one specialist, and yet in the end their own regulatory people change nothing. What I think any of us have issues with is not that we can't make money, I make a lot actually. It's that they don't play by their own rules. They bought a seat down there WITH the understanding that they had to provide a "fair and orderly market." There are times that this is not the case.
And please understand, my first trades with the NYSE were almost a decade ago, with many millions of shares and many millions of dollars since. So I am speaking from some experience here.
-Jim