Nasdaq & NYSE different universe?
- Thread starter wyang
- Start date
Specialist interference.
If he is routing the orders via ECNs and NX, then yes I agree with you. But if he sends markets or puts up limits, then you deal with the specialist who is trying to make money of any order that he can. It's common sense, you are sending your orders to be handled by a licensed thief so expect slippage, sometimes very heavy slippage.
The difference is in paper trades. The system has been implemented for trading Nasdaq 100 with real money and is doing great. But since the poor paper result with SP500, I have not traded in that domain for real.
Since most of my trades are in the first hour of open, i wonder if there is any difference how NYSE and Nasdaq set their open prices.
I don't quite understand why specialists and brokers aren't obsolete yet. They should have been out of business a looonnggg time ago. They're nothing more than state/govemt sanctioned/licensed theives and crooks. They serve absolutely no purpose in today's electronic market than to steal from small investors. They should not only be fired , they should be forced to pay those people he's ripped off during their careers.
This sums up the total ignorance of the system. First, the NYSE has gov't oversight, but it is not a gov't entity (so specialists aren't really state/gov't sanctioned). More importantly, studies have shown that investors have long gotten better prices on the NYSE, where spreads are smaller. The Nazdaq MMs are crooks, have less accountability, are harder to keep track of, and have been sanctioned themselves (despite how much harder it is to keep track of what they do). And there's a reason why some funds and indexes stopped using the closing price on some Nazdaq stocks, and that reason is because some manipulators were spraying the big spreads at the end of the day just to impact the closing price. Its funny that you suggest specialists should have to reimburse investors, considering that the people on ET who resent the NYSE do so largely because it is less volatile, not because of how it serves investors. Due to the role of the specialists, there is better liquidity and a more orderly market on the NYSE, and the spreads are smaller, all of which serve the average investor very well.