NYSE To Trade QQQ, SPY And DIA

Gene,

Thank you for your explanation of how the AMEX specialist works. I'm truly surprised that he still manually has to "touch" all orders.

In the spirit of "WallStreet" (the movie): With outdated technology/behaviour like that I think it just a matter of time before they get eliminated.





 
As qwiktrade has mentioned, if the NYSE has
NYSE direct for market orders of 1099 shares
or less , for QQQ's, SPY & DIA's(entered as
NX limit order on REDI+), I would agree this
would be a superior route to the AMEX for small
orders. We are using the NYSE auto-ex with
very good results on listed stocks. You must
wait 30 seconds to re-enter an order on NYSE
see http://www.redi.com/apr12.html .


Gene Weissman
Lieber & Weissman Sec., L.L.C.
gweissman@stocktrade.net


See us at http://www.stocktrade.net
 
i've traded many nyse issues which on certain days have comparable volume and the specialist was still able to get cancellations back in a reasonable time frame. some specialist are just better than others let's face it. i too know traders that do exceptionally well with the qqq's, trading thru the amex(do they still charge for cancellations?)but they seem to have a longer time frame than scalpers. i've traded them thru island also but didn't really devote to much energy to this strategy.....there are easier ways to make money in my opinion. i will respectfully disagree with you Gene on whether or not this guy is a fair specialist. even during slow periods this guy was not real fast.....if he's ignoring my order because i'm only buying 1000sh's then i think that proves my point.....i would rather trade with someone who treats my orders as if i'm a big hitter. but again, i respect your point of view and if there is something i'm missing i will definitely look at it.

 
Bryan,

You got that right. The QQQ specialist
is tough. One problem with cancels is that
the QQQ trade off the NASDAQ future and the
number of cancel & cancel replace orders the
QQQ specialists gets on a busy day is beyond
belief. Remember, the Nasdaq future could
move up and down faster than most NYSE
stocks because the QQQ is not really a stock
and is priced off the NASDAQ futures. This
sudden price movement will generate many
cancel & cancel replace orders. There are
probably more daytraders & swing traders in
QQQ than most NYSE stocks.

The QQQ specialist could improve. Perhaps
they could come up with a similiar order
execution system like NYSE direct for small
orders , 1099 shares are less. NYSE direct
is working out good for most of our traders.


Gene Weissman
Lieber & Weissman Sec., L.L.C.
gweissman@stocktrade.net


See us at http://www.stocktrade.net
 
Gene,

Do you know if NYSE Direct+ is integrated into most DAT brokers' software? Like Realtick III for instance? You say that you traders are having pretty good success with it?

leland
 
I don't know if other platforms offer
NYSE direct. There is a route for NYSE
direct on REDI+ software- NX. Call your
introducing broker or Real Tick. REDI+
software is programmed to prevent abuse
of NYSE direct. After purchasing 500 shares
of GM on NYSE direct, I cannot Buy any
GM on NYSE direct for 30 seconds(30 second
interval between orders). If I would like
to by 500 more GM, I would have to route
my orders to the NYSE specialist electronic
book. See
http://www.redi.com/apr12.html


Gene Weissman
Lieber & Weissman Sec.,L.L.C.
gweissman@stocktrade.net


See us at http://www.stocktrade.net
 
Gene,

Thanks for the response. Wouldn't you be able to buy up to 1099 shares of GM on Nyse Direct+ without waiting 30 seconds? I would think that any execution system that offers DP would also have some mechanism in it that would not allow one to abuse the system. At least I would hope so? Unless the NYSE just wouldn't accept any order routed to DP within that 30 second window?

leland
 
Leland,

Please note that the NYSE prohibits the following activities:

breaking up of orders greater than 1099 into smaller quantities for the purpose of receiving automatic execution

entering orders in intervals of less than 30 seconds for the same stock for any account in which the same customer is directly or indirectly interested . This information
is from Spear,Leeds & Kellogg(REDI+) site at

http://www.redi.com/apr12.html

If you purchased 500 shares of GM on NYSE direct.
I would interpret the rule that you have to
wait 30 seconds to purchase another 500 shares,
if the owner of the account is the same person
or the account is owned indirectly by that
person. Call the NYSE or your firm compliance
officer for more details.


REDI+ has logic built into the software to prevent
abuse of NYSE direct.


Gene Weissman
Managing Member
Lieber & Weissman Sec., L.L.C.
gweissman@stocktrade.net


See us at http://www.stocktrade.net
 
Gene,

Thanks for the clarification. Maybe I will give my broker a call and see if this execution is available to me.

leland
 
You must log in or register to reply here.
Back
Top