NYSE to eliminate "stop orders"

[zdreg]

I agree...always Follow the Money, as they say.
But I could personally care less...i don't use them...automatic Stop Losses are more of an amateur thing, in my opinion.

i know that you never make a pit stop but anal retentiveness is a subject for another forum.

 

[Sig]

They probably saw the deluge of arbitration requests that brokers are getting over the CHF debacle, some of which I've seen encouraged here, and decided the best way to avoid being accused of ignoring a stop loss is to eliminate it.

 

[Zr1Trader]

Yeah, it could be a move to get liability away from NYSE in such a case where there are blown stops. ^

 

[Visaria]

so if GTC orders are abolished, does that mean u have to enter new orders every single day?

 

[i960]

so if GTC orders are abolished, does that mean u have to enter new orders every single day?

Yes! Which is what makes one question why in the hell they would even eliminate that.

 

[zdreg]

the article refers to stop orders which when hit result in market orders. it may not include stop limit orders.
if not the problem is solved.

i am

Yes! Which is what makes one question why in the hell they would even eliminate that.

the whole issue is a moot issue because most orders are not routed to the nyse but are internalized.

 

[schizo]

On Aug. 24, people had standing "stop orders" that they thought would protect them, but the shares crashed through the "stop orders" and investors were automatically sold out of positions at prices well below where their "stop order" stood.

This makes no sense, period.

1) If I can't sell at a reasonable price using a "protective" stop order, what guarantees that I would get a better fill sending the order manually?

2) Who but daytraders, who are glued to their monitor all day, has the means to send the order?

 

[zdreg]

This makes no sense, period.

1) If I can't sell at a reasonable price using a "protective" stop order, what guarantees that I would get a better fill sending the order manually?

2) Who but daytraders, who are glued to their monitor all day, has the means to send the order?

it will be held and executed by your broker as per Zr1trader. nothing to worry about.

 

[patrickrooney]

GTC and stop orders are a pain for the exchanges to manage and exposes them to risk of making errors in the management of them. When stocks split or pay dividend they must adjust the price and quantity or the brokers must do so. Order types like these are best provided by your ISV on a server anyway.

 

[i960]

Just another reason I'm glad I stick to futures.