NYSE Floor Brokers using ITS to trade size

Thanks for the replies.... JMar I've talked to the folks at OES and I'm somewhat familiar with the direct lines to the regionals. I have no experience actually trading a system equiped with direct lines but from what i read the auto ex size with direct lines is fairly small. eg. 599 shares to chx and the other regionals are similiar. In your experience is this true or can you get auto ex with bigger sizes?

scalp
 
Quote from qazmax:

ITS is for the exchanges to use to trade with other exchanges... not for the retail customers.

Brokers may suscribe to CAES on the same system for their customers.

The ITS is very similar to the old SelectNet for Nas Stocks. A pop-up window appears on the screen with a request to buy or sell at a price, with a time limit (usually 15 or 30 seconds).

As I understand it...
The receiver of the message can:
Accept the whole trade
Accept part of the trade, reject balance
Reject the whoe trade
Let the order time out after the set period of time.

It is an antiquated system and definitely not cutting edge.
The option floors just stated using the same system under a different name to help facilitate cross-floor trading.

NYSE cannot reject the whole trade if it is a straight take of an offer or a hit of the bid (at least as of 5 years ago).

:)
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Each floor and specialist will have different parameters set up. The only way to figure it out is to send orders in various sizes to see if it gets auto-x. But in general it's about 500-1000, but I've seen some firms do 2000 at the NBBO regardless of NY's quote.




jeff--



Quote from scalp100:

Thanks for the replies.... JMar I've talked to the folks at OES and I'm somewhat familiar with the direct lines to the regionals. I have no experience actually trading a system equiped with direct lines but from what i read the auto ex size with direct lines is fairly small. eg. 599 shares to chx and the other regionals are similiar. In your experience is this true or can you get auto ex with bigger sizes?

scalp
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