HYBRID, good news.

AutoMate · Sep 14, 2006

Quote from Don Bright:

It will definitely help our automated guys who need be paid for "getting in" a trade (either by price improvement or this fee). And, to be honest, the rest is a "wait and see" at this point.

This little bit will amount to $thousands each month for hundreds of my traders.

We'll see..

Don

LOL, I love it , the Bright brothers blessing credit trading. This should be good for some interesting advertising. I can see the headlines now, The next BIG merger, Peter Beck and the Bright brothers team up to dominate the markets.................. lolololol

B1010 · Sep 14, 2006

Quote from Hydroblunt:

Been said before, Hybrid is just another roadblock that allows the den of thieves to squeeze out some mils before it's all electronic and the IB auto progs (led by Goldman) take over.

Once again I'm in full agreement. Same thieves different game.

Bitstream · Sep 14, 2006

Quote from Hydroblunt:

Been said before, Hybrid is just another roadblock that allows the den of thieves to squeeze out some mils before it's all electronic and the IB auto progs (led by Goldman) take over.

u got thaty right, they've been provided with new and excellent auto-theft tools, already at work with extreme efficiency,

stock777 · Sep 14, 2006

What's amazing is that the Bright guys don't get picked off at bad times so often that it negates the price improvement they get on occasion.

I mean you're market making without order flow. If theres news , good or bad, don't you guys get crushed?

guess not, there are thousands of Bright traders making extra millions as we speak.

lol. Im just jealous,

GATrader · Sep 14, 2006

Shreddog, good point on the OO being exempt from the Reg NMS but the edge in OO comes for a single source of liquidity - a big block of stock for sale on the 1st print that can be exploited by 1 man (Spec) with his minions ( the OO guys) . Reg NMS could disperse that liquidity since the regionals,ECN's can now fight for that liquidity. I hope you are right and the oo stays. Some of us need those extreme prints for gamma scalps

Don Bright · Sep 15, 2006

Quote from AutoMate:

LOL, I love it , the Bright brothers blessing credit trading. This should be good for some interesting advertising. I can see the headlines now, The next BIG merger, Peter Beck and the Bright brothers team up to dominate the markets.................. lolololol

Seeking out additional profits on Listed stocks is our primary goal, I don't see any humor in that....and we will do it legally, of course. Never offered on NYSE stocks before, things change, we adapt.

Don

ChaosNSX · Sep 15, 2006

Yep adapting is key. Don can you clarify what mean by credit trading? You guys are just going to be enveloping but offering on arca and out on NYSE right. You guys are not going to be invading LU trying to actually liquidity trade just the rebate are you?
I think if anything, perhaps your enveloping calculations would need to be adjusted and orders laddered and rerouted instead of just receiving improvement. I'm not sure why people would think you would go into liquidity rebate trading as we know it like swift.

Quote from Don Bright:

Seeking out additional profits on Listed stocks is our primary goal, I don't see any humor in that....and we will do it legally, of course. Never offered on NYSE stocks before, things change, we adapt.

Don

Don Bright · Sep 15, 2006

Quote from ChaosNSX:

Yep adapting is key. Don can you clarify what mean by credit trading? You guys are just going to be enveloping but offering on arca and out on NYSE right. You guys are not going to be invading LU trying to actually liquidity trade just the rebate are you?
I think if anything, perhaps your enveloping calculations would need to be adjusted and orders laddered and rerouted instead of just receiving improvement. I'm not sure why people would think you would go into liquidity rebate trading as we know it like swift.

You have it right, simply placing orders on ARCA book vs. NYSE. No (silly) credit trading for credit sake alone. Keeping things legal, as I mentioned above. If we're going to provide liquidity to a marketplace, we want to maximize our profit potential.

This will be a fun few months until the NMS rule kicks in (Feb). More adapting, and I've asked for input from all my traders... see how best to adapt to these changes.

Don

andread · Sep 15, 2006

Quote from Dogballoon:

You've mentioned never using market orders before, but I never figured out why. Over the last several months I had been considering trying to change up, but the habit is so ingrained. Most of my successful trading came from my own experience and not mentorship, so there are a lot of inefficiencies.

Also do all your discretionary traders use this bidding program for entering trades?

Don also gave a reason in a couple of posts

http://www.elitetrader.com/vb/showthread.php?s=&postid=995413#post995413

Don Bright · Sep 15, 2006

Quote from stock777:

What's amazing is that the Bright guys don't get picked off at bad times so often that it negates the price improvement they get on occasion.

I mean you're market making without order flow. If theres news , good or bad, don't you guys get crushed?

guess not, there are thousands of Bright traders making extra millions as we speak.

lol. Im just jealous,

The win loss rate with price improvement is extremely high. The "specialist bashers" would even agree...it's because we are "on the same side" as the specialist when this happens. He may get "picked off" once in a while, but not often. Simple strategy...."trade with the guy who makes the money, not against him".

Don