Class Action Lawsuit against NYSE Specialists

Originally posted by chasinfla
there were people who denied that people were disappearing and hitler was burning them, too.

pardon the overleveraged comparison, but it does make the point.
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Nope, can't really pardon that one...
 
Just go to the thin names. If it only trades once every 5 mins, the orders just sit out there. You can NX at will. I was able to NX my way into 20k of GCO today at about a 13.95 avg (I was long a few going into today from 13). I'm gonna make 2 pts on these net. There's nothing the guy can do if it's thin. If it's liquid, forget the nx. It just won't work.
 
I wonder what would happened if the specialist/market marker were replaced by a sophisticated computer program so that we could get the "fair and orderly market" without the built-in thievery. Any thoughts on this?

I can see a new stock market in the future which is open 24-7, and is available to everyone around globe, with computer programs managing the fairness and orderlyness of the market. Anyone care to speculate on what trading in such a market might be like?
 
Originally posted by daniel_m


Of course if you want to be successful (in anything) you need to figure out how the system works and how you can take advantage of the way that it works.

That doesn't mean that you bend over and just let the system screw you. You can both be taking whatever advantage the system gives you and fight to improve the system at the same time. These are not mutually exclusive activities.

In defence of the original poster, I don't think he started this thread just to bitch and moan about specialists, but was asking, "what we can do about this, to make it better?". That's not so bad is it?

Perhaps the answer is "nothing". But you'll never know unless you ask. And it's better to ask "what can be done?" rather than whine, "why is this happening to me...boo hoo hoo" isn't it?
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Exactly- I am not bitching and moaning about oh- poor me I can't make money because the specialists are so unfair- on the contrary, i am doing quite well now, thank you. and that is exactly what i am after- "what can we do to make it better" I think that we all agree that there are many screwjobs being done by specialists and that they are not keeping a 100% fair and orderly market- they are pulling a lot of shady things over on us. the only point of my post is to have a public forum where us NYSE traders can come together and talk about our experiences with corrupt specialists and discuss possible ways that we could remedy the system to make it a fairer and more profitable market for daytraders. I don't know exactly what can be done, but i thought we could all discuss it and share our experiences and ideas......
 
Originally posted by dafugginman
TraderJimR....when you want to do a trade inquiry, who exactly do you call. we clear through SLK and i made reference to a trade correction once, and the guy at SLK said to forget about it. is there someone at the NYSE that i would call? thanks
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Unfortunately, you have to go through the firm that executes the trade. If your trades are done through Redi, then you would have to go through SLK. But if you execute through a third party software that executes via ISI, for instance, you would call ISI instead even though you may clear your trades at SLK. I am not a big fan of SLK at all, I have heard they are very unresponsive, I do not ever want to do business with them. That is one of the advantages to a non-specialist based clearing firm, ie: anyone but SLK really, they will fight much harder for you.

My trades execute and clear via Pax (per Echo), they are very good about fighting tooth-and-nail to get price corrections and fills out of the specialists. They are also very quick about it, which is nice because even if your firm gets you a fill on an order the specialist left you hanging on, if they take 20 minutes to do it you may not want it anymore.
 
Originally posted by bungrider
if they didn't do what they do, we'd be out of a job...

everytime the spec screws somebody, i want to be right there with him, screwing as well...
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Heh heh heh heh heh heh.

nitro
 
Originally posted by praetorian2
Just go to the thin names. If it only trades once every 5 mins, the orders just sit out there. You can NX at will. I was able to NX my way into 20k of GCO today at about a 13.95 avg (I was long a few going into today from 13). I'm gonna make 2 pts on these net. There's nothing the guy can do if it's thin. If it's liquid, forget the nx. It just won't work.
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P2,

I thought you were with IB? AFAIK, there is no way to "NX" with IB?

nitro
 
Don't know about you guys, but I've figured out various ways of ripping the spec off on a daily basis.

That's what you should be doing.
 
Originally posted by stock777
Don't know about you guys, but I've figured out various ways of ripping the spec off on a daily basis.

That's what you should be doing.
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Well that sounds like the best idea yet. you cant just post it without telling us more.........
 
Yeah, making money of the spec is easy most of the time. Nitro, just use a limit order under 800 shares that's on a bid/offer. You'll nx him instantly. For some reason, IB doesn't believe in 1k nx orders. 800 and under and it works.
 
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