NYSE Traders

Eliminate which?

  • Direct Plus (NX)

    Votes: 11 20.0%

  • Uptick Rule

    Votes: 44 80.0%
  • Total voters
    55
B

bdon

Of these two things which would you rather eliminate.

The Direct Plus (NX) or the Uptick Rule.

Personally I believe the uptick rule is a very archaic device that holds no real use in stock trading these days. However this constant nx'ing and reversing of the smallest trend with 100 lots is overly annoying. If you want instant execution use the ECN's or trade the nasdaq. If you can't hold stock because the book is light don't buy or short in the first place.
 
NYSE can't eliminate NX. The only questions regarding NX for the Exchange are how and whether to expand Auto-ex.

Uptick rule is another story. But one that is market wide; not specific to NYSE.
 
nyse trading has changed the last month or so
does anyone know if the spec. recently got their blackboxes people were talking about?
 
Quote from Steelhead:

nyse trading has changed the last month or so
does anyone know if the spec. recently got their blackboxes people were talking about?
More...

I've noticed the change too. What were those blackboxes supposed to do?
 
The biggest change I have seen is the refusual to show crowd in the quote. Couple that with the lighest order books I ever remember and you would think there would be all kinds of volitality. Instead I watch jackasses nx'ing each other back and forth for five cents.

Direct plus is garbage until all stock on the order is available it will never truely work in your favor. Once in a while it saves you 10 cents or you grab that last 300 shares before the guy gaps, but mostly its garbage noise used to push shorts out of their stock
 
I think Nxing should be illegal.
Selling short on a downtick on the NYSE has not been a problem at my firm ---in fact it has only gotten easier because so few firms allow their traders to do it. The way I do it is simply by buying a deep in the money PUT-this gets me short and i cover by buying the stock.
But the NXers are just unreal as soon as I build up a good position and im stopped on the 1st up tick these nxers always try to uptick with 100 shares.
 
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