Is this fair? Is it common? I want to know.

bungrider · Jun 19, 2002

Originally posted by AAAintheBeltway
If someone is ahead of you at the same price, does the specialist allocate or go by time priority?

Biggest size goes first.

Don Bright · Jun 19, 2002

Originally posted by dpg2020
I trade low-volatility, low volume NYSE stocks only. I use Interquote to follow the tick-by-tick activity. It also has a Level 2 screen which tells me who the buyers and sellers are and on what exchange. Because these stocks trade so little volume ie...20-30K shares per day, it's usually just me and the specialist. My question is this:

If I'm selling stock and I'm the lowest price, with no other sellers, with my price being represented on the NYSE, is it legal for stock to sell at the same price as mine? This happens all the time. I don't understand how that could possibly be fair. Can the specialist sell his stock before me at the same price or are shares being traded on another exchange at that price and I'm just seeing the results of it. Thanks.

You can be "sized out" by the rules, and/or left out of a previous order filled at a different price....any stock that trades that little may have left over orders from an hour or a week ago.

The rule is simply that you cannot be "traded through" your price.

Don

chasinfla · Jun 19, 2002

and we all know, the rules are followed at all times. /sarcasm

MrDinky · Jun 19, 2002

From the STC Series 7 study manual:

"According to NYSE rules, specialists may never compete with public orders. They can bid higher or offer lower to reduce the spread between a bid and ask on a stock."

Yeah, I was laughing when I read this too.

bundlemaker · Jun 19, 2002

Specialists are acting like the hurt animals they are, they cannot survive, and they know it. Until they're gone, I'd rather trade naz.

chasinfla · Jun 19, 2002

you put it well. I don't know how long they will be able to carry it off, or what they will morph themselves into. But scared animal is a fitting image I think.

skynet · Jun 19, 2002

i prefer to be in control of my orders at all time.

chasinfla · Jun 19, 2002

that is most definitely an <i>edge.</i>

chasinfla · Jun 19, 2002

Originally posted by bundlemaker
Specialists are acting like the hurt animals they are, they cannot survive, and they know it. Until they're gone, I'd rather trade naz.

Sort of like this...

<a href ="http://www.geocities.com/wolfpies/animaltopics/animalsymbol.html">
<img src= "http://www.geocities.com/wolfpies/animaltopics/Cowfunny.mpeg" dynsrc="http://www.geocities.com/wolfpies/animaltopics/Cowfunny.mpeg" loopdelay="9" controls loop="infinite">

</a>

chasinfla · Jun 19, 2002

You might have to click the box and then hit the "back" button.

OK, I'm sorry, specialists. It's a joke. And, I'm sorry too, cows.