gosh, let me guess, all of the spreads will now be 6 cents, one by one....
NYSE rule changes
- Thread starter daytr8r
- Start date
I'm sick of getting a position on with the specialist
and having some stupid 100 lot guy NX the size so that I'm stopped out.
Might help for what I do.
There is also a 2 part quote.
The inside bid/ask
than the liquidty bid /ask
Where the real size is trading.
So sounds like the spreads are going to get better with this.
i agree that it will help with stop orders... leaning against big size with a stop order.
i think it will be negative as far as getting good fills in very active stocks.
you'll just have to trade with even more anticipation. you won't be able to have a target price, wait till it trades there and then nx it because you would miss the trade with a limit order.
i think it will be negative as far as getting good fills in very active stocks.
you'll just have to trade with even more anticipation. you won't be able to have a target price, wait till it trades there and then nx it because you would miss the trade with a limit order.
if they do this, they'll lose more and more of the day trader volume to ECNs
Woudln't it be better if NX was turned off in fatter spreads? The only time most people would use it is when the spread is tight and the stock about to move. Why would you want to NX a Nickel or greater spread? Seems like it would be better if there is some price discovery on spreads over a Nickel instead of paying the toll. Also, even if NX is Nickeled you can still hit the regionals with auto-x which is better than NX. I don't have any problem with NX not working on spreads over a nickel. I think the general public will end up getting better executions if the Nickel rumor arrives. Who knows? Latest thing I've heard is NX 10,000. I hope that happens.
nx is a great tool for ticking down offers. its great when you post a bullet, get sort at say 89 cents then tick down the shorts to 76. on the other side of the coin there are the extremely annoying newbies ticking offers back and triggering stop orders. example- shorts get ticked to 76 on the open book then some hack nx's the offer at 89 before the specialist can refresh the tape thus ticking it back on the book.
-p.s. i am looking for traders.
-p.s. i am looking for traders.
That's called painting the tape and it is considered manipulation and illegal by the SEC.