I double confirm that.
BOLT
NYSE & Nasdaq
- Thread starter wercurna
- Start date
I double confirm that.
BOLT
Wouldn't having all those axes/shitloads of desperate MM's help with trading vs. one big MM???
Whenever one person has an effective monopoly on anything, you always get worse service and worse price than if there is competition. This is especially true with the market making/specialist function.
Compare how the bid-ask moves and how orders are filled on a liquid Nasdaq stock like MSFT vs. on an equally liquid NYSE stock like GE and you will see how the NYSE near monopoly allows them to play games with what should be a linear order flow like with Nasdaq.
the worst thing for the nyse is all the naz traders converting to nyse and trying to change the nyse to the very thing they are trying escape on the naz.
it is the very thing that you guys complain about that us nyse traders are exploiting to make a very nice profit. it requires a different style.
you already have a choice. if your not happy with specialist fills you can play the ecns. just dont change what works for the rest of us.
it is the very thing that you guys complain about that us nyse traders are exploiting to make a very nice profit. it requires a different style.
you already have a choice. if your not happy with specialist fills you can play the ecns. just dont change what works for the rest of us.
Actually too
One more thing
The NYSE specialist isn't 90% of the volume
Program trading accounts for 30% of the volume on the NYSE.
Than you have some floor brokers standing near the posts
hedge funds, mutal funds, prop traders, daytraders, swing traders, longer term fundamental traders and so forth. The specialist is usually only 20% of the volume.
But what's great the specialist will always take the other side of a trade if nothing is available. Can't say that with Market Makers.
Both have advantages and disadvantages.
One more thing
The NYSE specialist isn't 90% of the volume
Program trading accounts for 30% of the volume on the NYSE.
Than you have some floor brokers standing near the posts
hedge funds, mutal funds, prop traders, daytraders, swing traders, longer term fundamental traders and so forth. The specialist is usually only 20% of the volume.
But what's great the specialist will always take the other side of a trade if nothing is available. Can't say that with Market Makers.
Both have advantages and disadvantages.
As the amount of competition increases, the market share of the specialist goes down. You can argue this however you want, but this is good for the overall well being of the market participants.
It's all about the economics of it...the well being of people increases as we move from monopolistic/oligopolistic market systems to more competitive one.
Right now the market specialists have enough power to screw around with orders and make a quick profit while they're at it.
This is not a situation that will last much longer.
If you think the NYSE will be like this for much longer you are wrong. It's only a matter of time before the specialists are gone.
It's all about the economics of it...the well being of people increases as we move from monopolistic/oligopolistic market systems to more competitive one.
Right now the market specialists have enough power to screw around with orders and make a quick profit while they're at it.
This is not a situation that will last much longer.
If you think the NYSE will be like this for much longer you are wrong. It's only a matter of time before the specialists are gone.
It seems that the Nasdaq and NYSE are becoming more like each other, but that, as should be no surprise, the changes are uneven and sometimes uncomfortable, especially when they make previously effective or efficient trading tactics more difficult. It's possible that, at the same time that the various financial markets become more uniform, trading in particular stocks, especially the "top tradables," will become more variegated - sometimes more like the "old Nasdaq," sometimes more NYSE-ish, sometimes combining the best of both, sometimes the worst. Initiatives by ARCA and AMEX seem to represent two opposite sides of the process, and it's both typical and ironic that the interaction between the two in fast markets on Nasdaq stocks can be highly disadvantageous to the trader who allows it to take place. The experience of having an ARCA order trapped by AMEX at one price extreme, then left unexecuted while the market moves away, is one that I intend never to undergo again. It's not hard to imagine complications of this and other types continuing to develop and even to proliferate, offering both opportunities and obstacles often at the same time.