Grasso Resigns.....WorldCo Folds?

bungrider · Sep 17, 2003

Quote from OxonianTrader:

The talk around wall street is that the specialist system will be replaced by an automated execution system similar to NASDAQ.

when have you ever BEEN to wall street???

aargh...i can't believe i posted to this thread... :mad:

:eek:

cuda · Sep 17, 2003

Quote from OxonianTrader:

(last i heard, worldco had some 1000 proprietary traders...95% of whom trade the NYSE specialist system).

They have no where close to 1000 traders. I don't know the exact number, but it's somewhere around 400-450 I believe.

howardy2k · Sep 17, 2003

there are way too many people making money off of the specialist system for it to be going away anytime soon.

OxonianTrader · Sep 17, 2003

Quote from bungrider:

when have you ever BEEN to wall street???

aargh...i can't believe i posted to this thread... :eek:

You'd be surprised buddy. I have an account with Merrill Lynch and actively trade my own account (with the assistance of my broker); i meet with my brokers at LEAST once a week.

OxonianTrader · Sep 17, 2003

Quote from cuda:

They have no where close to 1000 traders. I don't know the exact number, but it's somewhere around 400-450 I believe.

I'm relaying information straight from the horse's mouth (an ex worldco employee who worked there for 7 years).

cuda · Sep 17, 2003

Quote from OxonianTrader:

I'm relaying information straight from the horses mouth (an ex worldco employee who worked there for 7 years).

I'm relaying information straight from the horses mouth too (I work there currently for almost 3 years now). Not 1000, but it really doesn't matter.

OxonianTrader · Sep 17, 2003

Quote from howardy2k:

there are way too many people making money off of the specialist system for it to be going away anytime soon.

I would agree with you but that is precisely the problem, it seems: too many people are making money off of the specialist system! Richard Grasso was forced out because he made too much money off of the specialist system. Pretty soon, the specialist system itself may be out the door as well as regulators realize that too many people are making too much money off of it...

OxonianTrader · Sep 17, 2003

Quote from cuda:

I'm relaying information straight from the horses mouth too (I work there currently for almost 3 years now). Not 1000, but it really doesn't matter.

The guy I know left the firm in 2000. He told me that the firm has nearly 1000 traders. Hey, you are in a position to know more than i do so I'll take your word for it. But are you telling me that WorldCo cut its workforce by nearly 60% over the last two years? I highly doubt my friend was mistaken when he told me that WorldCo was the biggest prop shop on the street with nearly 1000 traders.... Thanks

shaq48 · Sep 18, 2003

OxonianTrader
Member

Registered: Sep 2003
Posts: 53

09-12-03 04:00 PM
Best financial publications for a newbie trader
I would like to jump into the financial markets as a trader but admit that i know very little about the financial markets. Anyone know which publications I can read on a daily or weekly basis for the next year or so to get me up to speed on how markets move and what tends to move them? I have heard that "The Economist" is a good magazine to start out with. Any other ideas?

thanks

active trader hah????????

OxonianTrader · Sep 18, 2003

Quote from shaq48:

OxonianTrader
Member

Registered: Sep 2003
Posts: 53

09-12-03 04:00 PM
Best financial publications for a newbie trader
I would like to jump into the financial markets as a trader but admit that i know very little about the financial markets. Anyone know which publications I can read on a daily or weekly basis for the next year or so to get me up to speed on how markets move and what tends to move them? I have heard that "The Economist" is a good magazine to start out with. Any other ideas?

thanks

active trader hah????????

That's why i have a broker...lol

tryin to go off on ma own!