We never use NX (a Specialists "ploy" at times)...we simply place the order above the offering price and by doing so, we can be filled on the next print most of the time...or we get price improvement. Larger size helps get better fills as well.
Don
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How do you get filled on NYSE stocks?
- Thread starter listedguru
- Start date
We never use NX (a Specialists "ploy" at times)...we simply place the order above the offering price and by doing so, we can be filled on the next print most of the time...or we get price improvement. Larger size helps get better fills as well.
Don
Quote from hayman:
"Larger size helps get better fills as well."
I strongly disagree. Larger size tends to move the bid/ask further in the direction of the order, and encourages front-running (aka, "price improvement").
I respectfully have to add that the long time adage of "price moves to size" is still alive and well, since brokers and traders don't have to show size at all. Both with "held" orders, and with such things as 'rediReserve' we are all able to simply show a portion of our share size.
I do agree, that there is some "bluffing" going on in certain stocks, and if I can get away with "showing" a bid of 20,000 shares a few pennies below the real bid, just so the stock will go up a nickel....to take my offer out....(well, then, you can take it from there)....bluffing may be done at times, but I think that with the NYOB, we see a much higher percentage of real orders, and the price moving in that direction...if only for a quick print.
For most trading purposes, the 1,000 share orders are fine, however.
All the best...
Don
Quote from Don Bright:
I do agree, that there is some "bluffing" going on in certain stocks, and if I can get away with "showing" a bid of 20,000 shares a few pennies below the real bid, just so the stock will go up a nickel....to take my offer out....
And you don't find that to be manipulative/deceptive according to the various regulations on the subject? If the spec suddenly gapped down, held your order, and you bought that 20K, would you be on the phone trying to get it busted?
Not trying to be naive, just trying to get a feeling for where the line is between trading and market manipulation, from a regulatory standpoint.
I do agree, that there is some "bluffing" going on in certain stocks, and if I can get away with "showing" a bid of 20,000 shares a few pennies below the real bid, just so the stock will go up a nickel....to take my offer out....
And you don't find that to be manipulative/deceptive according to the various regulations on the subject? If the spec suddenly gapped down, held your order, and you bought that 20K, would you be on the phone trying to get it busted?
Not trying to be naive, just trying to get a feeling for where the line is between trading and market manipulation, from a regulatory standpoint.
market orders on the NYSE ?
ok ... maybe I am off in my terminology here
but the example that I saw yesterday afternoon
was someone using INSTINET , ISLAND , ARCA
simultaneously to knock down the NBBO offering price
in NEM until they went poof and a block of shares went near the lows late in the day
ok ... maybe I am off in my terminology here
but the example that I saw yesterday afternoon
was someone using INSTINET , ISLAND , ARCA
simultaneously to knock down the NBBO offering price
in NEM until they went poof and a block of shares went near the lows late in the day
Quote from alanm:
Quote from Don Bright:
I do agree, that there is some "bluffing" going on in certain stocks, and if I can get away with "showing" a bid of 20,000 shares a few pennies below the real bid, just so the stock will go up a nickel....to take my offer out....
And you don't find that to be manipulative/deceptive according to the various regulations on the subject? If the spec suddenly gapped down, held your order, and you bought that 20K, would you be on the phone trying to get it busted?
Not trying to be naive, just trying to get a feeling for where the line is between trading and market manipulation, from a regulatory standpoint.
Simple "risk reward" all of my orders are real, with real money behind them. If I choose to "make markets" (enveloping), then that is my choice....I relish in the fact that I provide liquidity to the marketplace....and am not simply one of those people who devilishly try to scam money from it.
Don