NYOB Worthless?
- Thread starter comfut
- Start date
"Maybe CVX is just to fast as the nyob is delayed so it never matches that specs displayed quote.
Also, maybe there was lots of broker interest which was not diplayed on the book."
Thanks for the response. I don't think it was a delay problem as larger orders just sat on the quote screen, but never made it to the book.
I'm just wondering if the NYOB is a pain for some specialists and they do their best to ignore it for as long as possible.
Also, maybe there was lots of broker interest which was not diplayed on the book."
Thanks for the response. I don't think it was a delay problem as larger orders just sat on the quote screen, but never made it to the book.
I'm just wondering if the NYOB is a pain for some specialists and they do their best to ignore it for as long as possible.
This type of thing has been happening for a while. The specialist won't show you what he has. Big orders will appear on one side of the level 2 and will get printed even though he's not showing anything on the other side. Apparently he doesn't have to show you what he has. The level 2 is worthless, but I still wouldn't want to trade without it.
sharko
sharko
like the way you said it
nyob .98x.01, 7x10
level 1 .00x.01, 20x10
which looks like someone on ecn was showing better bid at 57.00 for 20
my old platform allowed me to get NYSE only feed. my level 1 quote reflected the nyse only level 1(not necessarily the top layer of nyob)
if im looking at regular level 1(nyse + ecn) combined, your situation happens very often. i dont see there's anything special going on there.
i like the nyse only feed, because that's where you can do some amount of tape reading. when level 1 is mixed w/ecn, it wouldnt mean much when i read the NYSE only prints.
nyob .98x.01, 7x10
level 1 .00x.01, 20x10
which looks like someone on ecn was showing better bid at 57.00 for 20
my old platform allowed me to get NYSE only feed. my level 1 quote reflected the nyse only level 1(not necessarily the top layer of nyob)
if im looking at regular level 1(nyse + ecn) combined, your situation happens very often. i dont see there's anything special going on there.
i like the nyse only feed, because that's where you can do some amount of tape reading. when level 1 is mixed w/ecn, it wouldnt mean much when i read the NYSE only prints.
The specialist is bidding the figure with 2k shares, either he is working it for himself or someone on the floor.
in my fifteen years of trading, i have come to the conclusion that the NYOB is worthless, not only worthless but deceiving.
Why would someone want to advertise what they plan on doing?
It doesn't make sense and hence the reason it doesn't work. It's a tool for small investors to get screwed, how many times do you see big size on the bid, only to get wiped out, more often than I can recall.
This is all due to the greedy manipulative specialist that runs the NYOB, besides there are two books that you and me aren't entitled to, the other book is for large institutional sizes and is kept secret from retail clients. Wonder why anyone would pay to use a partial service with partial info (not to mention the lag time (five seconds), on refreshing the NYOB.
I have and always will do better trades ignoring the NYOB and concentrating on the prints as price action never lies an execution is real (NYOB is false advertisement).
best,
Oliver
Why would someone want to advertise what they plan on doing?
It doesn't make sense and hence the reason it doesn't work. It's a tool for small investors to get screwed, how many times do you see big size on the bid, only to get wiped out, more often than I can recall.
This is all due to the greedy manipulative specialist that runs the NYOB, besides there are two books that you and me aren't entitled to, the other book is for large institutional sizes and is kept secret from retail clients. Wonder why anyone would pay to use a partial service with partial info (not to mention the lag time (five seconds), on refreshing the NYOB.
I have and always will do better trades ignoring the NYOB and concentrating on the prints as price action never lies an execution is real (NYOB is false advertisement).
best,
Oliver