NX rule- compliance issue?

Originally posted by jmathers34
Someone in the broker ratings said that if one trader at a prop firm NXs a stock the 30 second rule (cant enter another NX order) is in effect for every trader at the firm trading that particular stock. Specifically he said,

"The NX rule is a compliance issue...Other firms who have violated this rule are indeed in trouble with NASD and NYSE. There has to be that 30 second delay between all traders at prop firms. Firms that let all their traders just execute NX trades have had their red flags raised."

Does anyone at Bright or Echo or any other firm know if this is true?
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Doesn't apply to ECHO with us all using the same account. Everyone has seperate account #'s.

My entire office has NX multiples bids on a stock all within the same 30 seconds many different times. In fact we use it to our advantage. Since I'm limited to 30 seconds, Other traders join me in the 30 seconds I can't use it. I'll NX the bid (have bullets)
than Jonathan, Mike and a few of the other guys behind me agree it looks weak and NX bids, I go again, some of the guys next to me go at it. Soon our whole office is net short heavily and the stock is just tanking while we are sitting pretty and slowly peeling out of our positons.

Robert
 
Originally posted by rtharp


Doesn't apply to ECHO with us all using the same account. Everyone has seperate account #'s.

My entire office has NX multiples bids on a stock all within the same 30 seconds many different times. In fact we use it to our advantage. Since I'm limited to 30 seconds, Other traders join me in the 30 seconds I can't use it. I'll NX the bid (have bullets)
than Jonathan, Mike and a few of the other guys behind me agree it looks weak and NX bids, I go again, some of the guys next to me go at it. Soon our whole office is net short heavily and the stock is just tanking while we are sitting pretty and slowly peeling out of our positons.

Robert
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Sounds like manipulation to me.
 
Seperate account numbers has nothing to do with it. Hope no regulators are reading this board. Prop traders all trade a SUB account of the firm's account. Good luck.
 
new is right
technically, if you are in a prop firm....if you have any knowledge of someone nx-ing next to you or around you....you are supposed to wait 30 sec before nx-ing the same stock and direction........"Technically".....just like specialists "technically" are supposed to fill you in a specific period of time......yeah right.



this is what was told to me in my firm.
 
Can we end all of these mindless speculation about nx compliance rules by having one of the main guys from these LLC's confirm or refute these issues. Silence about these issue are somewhat troubling.
 
Originally posted by nylord1
new is right
technically, if you are in a prop firm....if you have any knowledge of someone nx-ing next to you or around you....you are supposed to wait 30 sec before nx-ing the same stock and direction........"Technically".....just like specialists "technically" are supposed to fill you in a specific period of time......yeah right.



this is what was told to me in my firm.
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Which firm are you with?
 
I'm trading remote with Bright. I keep my NX button on all the time, and if I send two NX orders in less than 30 seconds the second order is automatically sent as a regular order.

Would be good for Don to back this up...but I think that's how it works here.
 
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