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No more NYSE imbalances?
- Thread starter cashonly
- Start date
Cash -- Thanks for the link. The introductory paragraph prior to the list of rules changes is hysterical! I guess we are all victims of Katrina. LOL
http://www.sec.gov/news/digest/dig091505.txt
"SEC NEWS DIGEST
Issue 2005-178 September 15, 2005
RULES AND RELATED MATTERS
SEC APPROVES REGULATORY RELIEF AND ASSISTANCE FOR HURRICANE KATRINA VICTIMS
On September 15, the Securities and exchange Commission today an order providing emergency regulatory relief to investors, companies, and securities firms affected by Hurricane Katrina."
http://www.sec.gov/news/digest/dig091505.txt
"SEC NEWS DIGEST
Issue 2005-178 September 15, 2005
RULES AND RELATED MATTERS
SEC APPROVES REGULATORY RELIEF AND ASSISTANCE FOR HURRICANE KATRINA VICTIMS
On September 15, the Securities and exchange Commission today an order providing emergency regulatory relief to investors, companies, and securities firms affected by Hurricane Katrina."
Quote from ArbProfit:
Just because they aren't published doesn't mean the game is over. The imbalances are still there. For OOs the prints could be even better since fewer traders will be playing the imbalance. Lots of guys only take the obvious trades. Be creative, there are other ways to tell if there are imbalances on specific stocks.
The thing with the imbalances is that it intensified the edge. And on top of that, some imbalance stocks would often open with little or no gaps. It was basically a great opportunity to press your bet.
I was told by a friend on the floor that by the time the imbalance is posted a contra party is already involved. Was an edge ever there?
Quote from cashonly:
Here's where the NYSE requested to do it:
http://www.sec.gov/rules/sro/nyse/34-52255.pdf
Here's where the SEC approved it:
http://www.sec.gov/news/digest/dig091505.txt
Somehow, they got the SEC to move on it FAST:
"
ACCELERATED APPROVAL OF PROPOSED RULE CHANGE
The Commission granted accelerated approval to a proposed rule change submitted under Rule 19b-4 under the Securities Exchange Act of 1934 by the New York Stock Exchange (SR- NYSE-2005-54) to amend NYSE Rule 123C (Market on the Close Policy and Expiration Procedures) to eliminate the requirement to publish pre-opening Market order imbalances on Expiration Fridays. Publication of the order is expected in the Federal Register during the week of September 19. (Rel. 34-52421)
"
This approval came YESTERDAY.
So, I guess THAT game is over.
I think it has to do with the SPX settling on the Friday opening print. Maybe traders have figured out how to manipulate OP's in the SPX