ECN's have quietly captured more than half the trading volume of LISTED stocks.

Where do you do most of your volume in listed (NYSE) stocks.

  • I don't trade listed stocks.

    Votes: 4 8.3%

  • At the NYSE

    Votes: 16 33.3%

  • At ARCA

    Votes: 11 22.9%

  • At Nasdaq

    Votes: 11 22.9%

  • At some other ECN

    Votes: 6 12.5%
  • Total voters
    48
Quote from optioncoach:

Not everyone is rebate trading stock, plenty of volume goes to Arca for Joe and Jane retail buying shares here and there. If NYSE is losing volume but ARCA gets a lot then NYSE is still doing fine.
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but wouldn't the retail shops be cost conscious of where they route their orders?

- mnx
 
Quote from mnx:

but wouldn't the retail shops be cost conscious of where they route their orders?

- mnx
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Yes -- but sometimes they collect even more from various payment for order flow guys.... then where do those guys route (shrug).
 
There are a lot of changes happening to NYSE/ARCA routing rebates and fees taking place on October 1st. We are having a Company wide meeting on Monday to go through the details (after I get them sorted out with NYSE and GS). I will post the results.

This may be of interest. http://www.nyse.com/press/1189593038278.html

And, for now, we "park" on ARCA (collect $$), and take on NYSE (pay small). This is going to be a variable for partial fills and re-routing.

Don
 
Quote from Rearden Metal:

ARCA has now become WAY more competitive (and attractive).
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I disagree. I haven't been using arca for ages, because of their incompetitive model (unless the liquidity is there, i normally avoid it). IMHO they really just changed it the wrong way: if they had made nasdaq 2.5-3 and nyse 2-2.5, I'd really had considered to start actively use them again. But with this 2-2.5 on Nasdaq, I'll still use BATS to fok (which is 2.4) and use bats/edgx/nasd for credit (unless the fills really do get a lot better because of this new model, but I really doubt that). On NYSE I'll still use the specialist to fok/route and if I want the credit, either INET/EDGX/BATS.

So, these changes really don't motivate me to start using them actively again, while they'll sure miss a lot of income now, making only 0.0005 instead of 0.001 ... To me it seems ARCA/NYSE really is run by some bunch of clueless idiots (same goes for NASD by the way, I hope they're still banging their heads against the wall for making that incredibly stupid mistake of merging inet/brut and therefore giving away all the brut liquidity to bats, anybody could see that coming).

Long live EDGX/EDGA/BATS, who really DO understand what we (prop) traders want !! :)
 
90% of stock market volume is robots are automated trading.

another computer trading with another computer

man they fired so many people at the NYSE exchange it's all robots...now.


Quote from Rearden Metal:

The NYSE threw the specialists to the wolves, but it was too little, too late. The NYSE has now lost most of the trading volume <b>in their own stocks</b>.

For those who haven't yet noticed the ECNs' quiet coup, here are a few sample statistics on today's volume:

XOM- Total volume: 19.4 million shares. NYSE volume: 7.3 million shares.

SLB- Total volume: 10.9 mil shares. NYSE volume: 4.6 mil shares.

CFC- Total volume: 22.2 mil shares. NYSE volume: 6.5 mil shares.

NEM- Total volume: 14.9 mil shares. NYSE volume: 6.9 mil shares.

And the ultimate insult...
NYX- Total volume: 1.7 mil shares. NYSE volume: 0.7 mil shares.

These stocks are not exceptional at all- They represent the current norm. I could have picked five different active stocks, and the volume ratios would look the same.

Poor NYSE. :p

<img src=http://pics.livejournal.com/fridgemagnet/pic/000181p2>

(World's smallest violin.)
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rearden the image of the world's smallest violin is very clever. I wonder how many viewers understood what you were saying.
 
Quote from scorpion:

don, any update on your co wide meeting regarding the new arca rates? thanks
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We had to re-schedule the meeting, but what I have so far is that starting October 1st: NYSE from 2.75 cents per 100 shares for everything, it will be 8 cents for taking, free for providing liquidity. 4 cents for OPG and MOC orders, which is neither taking nor providing. ARCA will pay 25 cents per hundred (listed), and charge 30 cents per hundred for taking liquidity. The ETF's and OTC pricing is a bit different. If you go to buy 2000, and only get 500 on NYSE, the remainder, if not shipped to an ECN would be free for providing if the price came back down to you.

More later,

Don
 
Quote from Rearden Metal:

The NYSE threw the specialists to the wolves, but it was too little, too late. The NYSE has now lost most of the trading volume <b>in their own stocks</b>.
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Agreed but its about time as well;)

To quote Marty Schwartz in Jack Schwager's Market Wizards,

"... Also, I hate the specialist system; they are always trying to con you to death. I'll give you my view on specialists: Never in my life have I met a less talented group of people who make a disproportionately large amount of money relative to their skills. Having the specialist book is the most extraordinary advantage one could ever ask for. In normal markets, the specialists can always define their risk. If they have a bid for 20,000 down \ they can buy the stock, knowing they can always get out lower. So, they are protected. I always tell my friends to have their daughters marry the son of a specialist."
 
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