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Observations on the NYSE specialist.
- Thread starter oliver777
- Start date
Quote from Avid_Consumer:
its not an issue of my ability, its an issue of diverting limited resources to something totally arbitrary to the true nature of directional trading. what if your highway tolls were totally variable depending on your knowledge of an esoteric set of constantly changing rules, or which affiliate of the toll booth you're partnered with
i'm done complaining about the general problem, my point has been made and economics will correct it eventually. hopefully not at the expense of our economic competetiveness as a country
Good points, Avid Consumer. The issues you mention are part of the reason I stopped trading with specialists. I agree 100% that traders should not have to be lawyers or regulatory experts. NYSE rules provide an impenetrable cover story, to help make theft look like fairness, to make lies sound like the truth, and to make criminals appear to be respectable members of society. NYSE corruption erodes confidence in U.S. financial markets, and in combination with other economic forces, this is a growing threat to the foundations of U.S. capitalism.
Quote from Avid_Consumer:
the market is there for joe public to access equity as freely as the existing wealth while surgury is an extremely limited specialty. joe public isn't expected to be a surgeon. inherently, something is wrong when fair equity prices are only accessible to someone with a surgeons knowledge.
by your logic, joe public deserves to die from his appendix because he should really possess a surgeons knowledge. you're gonna kill the public by that logic man
i don't mind your bias, but who are you kidding. you know it's sanctioned theft. if you won't admit it in public, at least admit it to yourself
technically you should be the one working on your skills, your way is dying
Knowing price, order, time, is a simple thing, and if you are trading as a CAREER it is a fundamental thing to know. Why do you think that esoteric? Is it not the same on NASDAQ?
Quote from jimrockford:
Good points, Avid Consumer. The issues you mention are part of the reason I stopped trading with specialists. I agree 100% that traders should not have to be lawyers or regulatory experts. NYSE rules provide an impenetrable cover story, to help make theft look like fairness, to make lies sound like the truth, and to make criminals appear to be respectable members of society. NYSE corruption erodes confidence in U.S. financial markets, and in combination with other economic forces, this is a growing threat to the foundations of U.S. capitalism.
I suppose you are here conceding then? Did you call your broker?
You see, you did not have to be a lawyer, you just needed to talk to a knowledgable person.
Price/time/size ABC.. even a 6 years old can understand it.
tell me why i'm the only one at the nbbo with 200 shares offered on arca for the last 15 mins, and in that time 1700 shares have been bought between amex and nyse at my price and worse in 4 different transactions?
does that not say it all. what is it i'm supposed to know to get credit for making the best market. since when is price competition punished in good old USA?
does that not say it all. what is it i'm supposed to know to get credit for making the best market. since when is price competition punished in good old USA?
Quote from Babak:
Dude, lets assume you're right and JR is wrong. Why the personal insults? Lets keep this civil and talk about the issues not about people who put them forward.
I'm sorry if it offended you...... but saying that Mr. Rockford talks out of his pompous ass is not all that uncivil in my world.
At the time I could not think of a more concise descriptive way to characterize the continuous stream of disinformative remarks and egotistical refusals to consider that he might be wrong.
Quote from Hamlet:
I suppose you are here conceding then? Did you call your broker?
You see, you did not have to be a lawyer, you just needed to talk to a knowledgable person.
Price/time/size ABC.. even a 6 years old can understand it.
Hamlet,
you are a liar. I never conceded. I stand by my prior statements.
NYSE Rule 72, for which I previously posted the link, proves the following, in the context of this thread:
(1) that all of my comments, in this thread, regarding NYSE order priority, have been correct,
(2) that Hamlet is harassing me by making false statements about me,
(3) that NYSE sometimes gives priority to larger size orders arriving later in time, instead of smaller orders arriving earlier in time, and
(4) that NYSE orders arriving at different times sometimes have equal priority ("parity").
Quote from jimrockford:
I hope that if I am wrong, somebody more knowledgeable, like alanm or Don Bright, will correct me.
NYSE rules sometimes give priority to a larger size order, over a smaller size order at the same price, even though the smaller size order arrived first. I suspect this is what happened to Dan (dwl603).
You are wrong, and someone more knowledgeable is correcting you. The problem is that you refuse to accept it.
Price>Time>Size - Why is this so difficult for you? Also, you do not need to be a lawyer or regulatory expert to understand this as you stated.
Quote from jimrockford:
Good points, Avid Consumer. The issues you mention are part of the reason I stopped trading with specialists. I agree 100% that traders should not have to be lawyers or regulatory experts.
You have the opportunity now, and I invite you to show where you are correct and where Time does not have priority. Just as when Don invited you to have a discussion on your other false claims, I am sure you will have nothing to offer but more disinformation and hot air.
Quote from lescor:
Actually, yes it does. As long as your order is in two minutes before the open, if the specialist prints through you, you are absolutely entitled to a fill and a phone call to DOT services will get you your fill.
On opening orders, yes you're correct. Not on regular intraday action.