Holy Cr*p ISLD blocked from providing QQQ ,DIA, and SPY full book quotes

stock777

stock777

Dear Subscriber,

Thanks to you, the subscriber, Island has become the largest and most liquid
marketplace for trading Exchange Traded Funds such as QQQ. Given the
efficiency and size of the Island market, our order book data has become a
critical piece of information for any trader active in QQQ and its component
securities. Unfortunately, due to recent regulatory actions taken by the
U.S. Securities and Exchange Commission, Island will no longer be able to
disseminate its order book information in QQQ, DIA, SPY, SMH and MKH
beginning Monday, September 23, 2002.

For more information regarding this important change, you can either click
the link below or cut and paste this link in your browser's 'Address' field:

http://www.island.com/etfchange.asp

If you have any questions or comments regarding this change, you can email
Island Market Operations by replying to this message or speak to a
representative by calling (212) 231-5181.

Thank you,

Island ECN


_=_=_=_=_=_=__=_=_=_=_=_=__=_=_=_=_=_=__=_=_=_=_=_

Now does this mean that no one will be able to see the depth of book? Wow, that's gonna make thing reallllll interesting.
 
oops....sorry stock777, I didn't see this thread before I posted a new subject.

I faxed my testimonial tonight, which I assume Island is collecting to send on to the SEC (the fax number is Island's), with "ARE YOU GUYS IDIOTS?" in the additional comments. I really wish Island would have given us Pitt's fax number so that we can give him a pile to read. :-(

--Derek
 
You can still trade the ETFs on ISLD, but your order won't be displayed and ISLD won't be displayed on L2, but I suppose that if you are inside for ISLD and for NASD, your order will be displayed as NASD.

Another sad ruling in the interest of the few, the AMEX specialists who were losing order flow to ISLD.

I strikes me that squelching the display of buy/sell interest is a suppression of free speech.
 
Originally posted by dgabriel
You can still trade the ETFs on ISLD, but your order won't be displayed and ISLD won't be displayed on L2...
More...
Yes. The majority of my trades consist of "chipping" the Q's, and I rely on the ISLD book for that. In my style, I always nail the ask for buys and the bid for sells for the instant fill on relatively narrow spreads on ISLD, and speed of fill/confirm is more important than receiving the "best" displayed price. I'll have to change...

--Derek
 
Must say I don't get it - who wins here? How would just preventing ISLD from disseminating the book information help the AMEX (or whoever lobbied for this ruling)?
 
just a guess here but the amex created/originated these trading instruments.....island is now taking away a lot their business...so let's hurt island so people will trade thru the amex again. never mind that the specialist for the qqq's and spy's are the worst that i have ever dealt with. unless amex implements some type of direct plus i would never trade them.
 
Originally posted by Madison
Must say I don't get it - who wins here? How would just preventing ISLD from disseminating the book information help the AMEX (or whoever lobbied for this ruling)?
More...

I agree. If they thought ISLD's prices were inferior before, does removing the book make them better? I think not.

Inferior prices? Whenever a buyer receives an inferior price, a seller receives a superior price and vice versa.

It sounds to me like the AMEX is trying to get rid of their competition. It's a shame the SEC is so stupid or dare I say it corrupted.

Tony
 
You must log in or register to reply here.
Back
Top