Observations on the NYSE specialist.
- Thread starter oliver777
- Start date
Unless there is something going on with the new autoex system at the NYSE, which I am not familiar with, you are obsolutely entitled to a report if you are traded through on the exchange.
Much misinformation out there. I find most of it comes as a result of brokers not knowing rules and sending orders to the regionals and Nite's of the world and then making excuses.
Much misinformation out there. I find most of it comes as a result of brokers not knowing rules and sending orders to the regionals and Nite's of the world and then making excuses.
i'm finding whenever i offer an nbbo market in arca, nyse and amex will print buys at my price, but if i send the non-marketable order to them directly they always move their spread away from me trying to scare me into hitting the bid, and the counter liquidity is never there at my price.
are the nyse and amex allowed to trade with themselves from other market centers, caes for example? copious prints will also go off on caes, nyse and amex at my price. or is there some affiliate type of relationship or symbiosis with another entity that allows them to print this mystery liquidity? it's never there when i go to the spec, and always there when i don't. i'm not trying to raise a conspiracy, just wondering what the explanation could be since it's such a consistent experience. the liquidity they print doesn't seem to be real.
I'm pretty sure Lescor is correct, I think if you have your order in after 9:28 the specialist can "technically" not print you in the opening print, although it has never happened to me so I can't verify for sure.
There are all sorts of players positioning bids and offers for all sorts of reasons. Over the past five years as automated trading became more prevalent and more individual traders obtained access to automated systems, this has increased exponentially. That is why sometimes you see "shadow" bids or offers moving around based on your order. Most of the time this is probably not the spec.
Most new traders or traders unfamiliar with NYSE are not aware of the power of the Market order. This is an extremely useful tool for testing the waters of a stock. It does not exist in the same form on Nasdaq. Neither does price improvement.
Most of you guys wanted penny increments before they came to be. You got what you wanted and this is why experienced people like Mr. Bright keep repeating to be careful what you wish for when it comes to wanting other changes which will also increase efficiency. The result has been less liquidity, more noise and lower profits for traders.
thanks vm for your reply. if the mkt order fills were immediate, and i knew the depth of their book (which i think i can see on openbook though i haven't watched it while sending a mkt order), i would be more inclined to go that route. but because they sit for a very long time, it just seems suicidal to give the spec cart blanche with a big order. i don't understand the reason for ambiguity and delay
don was very clear earlier in the thread about never ever using mkt orders, but then it sounds like bright is more geared towards gaming the spec, and less directional trading. i would really love to expand my equity trading, i see lots of opportunities, but the ghost liquidity has me pretty spooked wrt what's really possible to execute. how can i trust that any print is real if the liquidity prints on the exchanges when i'm arca nbbo with no fill for me, but never exists when i send a non-marketable limit to the exchanges becoming nbbo.
hopefully there's a simple explanation that doesn't involve unethical practices, conspiracies etc. i obviously have a stack of reading to do this weekend. shitty
don was very clear earlier in the thread about never ever using mkt orders, but then it sounds like bright is more geared towards gaming the spec, and less directional trading. i would really love to expand my equity trading, i see lots of opportunities, but the ghost liquidity has me pretty spooked wrt what's really possible to execute. how can i trust that any print is real if the liquidity prints on the exchanges when i'm arca nbbo with no fill for me, but never exists when i send a non-marketable limit to the exchanges becoming nbbo.
hopefully there's a simple explanation that doesn't involve unethical practices, conspiracies etc. i obviously have a stack of reading to do this weekend. shitty
I am using BRUT and trading with the specialist for FREE .What a markeT where you can lift or hit for FREE
Steve
This might be a minor point but whi is telling you about this technical rule? As of a few years ago the stock could not even open were this situation to exist. The computer will not allow it.
With my wonderful discount brokers I get a lot of "rules" that are not rules. For instance I am told on Nasdaq stocks I can be traded through on the opening and not represent with my limit order if the order is not in by 9:15. Is that a rule? I have no idea but it ain't right.
This might be a minor point but whi is telling you about this technical rule? As of a few years ago the stock could not even open were this situation to exist. The computer will not allow it.
With my wonderful discount brokers I get a lot of "rules" that are not rules. For instance I am told on Nasdaq stocks I can be traded through on the opening and not represent with my limit order if the order is not in by 9:15. Is that a rule? I have no idea but it ain't right.
Am I the only person who caught on to this? I think the moderators should do something about this conduct, because it is driving good people away from this thread, and spoiling what could otherwise continue to be a worthwhile discussion.
Hamlet is streaming his lies and abuse into this thread under multiple aliases.
Here is Hamlet's comment, directed at me after I revealed that NYSE Rule 72 sometimes gives priority to larger orders over smaller orders, at the same price, even when the smaller orders arrived first in time:
Here is the response and question, from Babak, addressed to Hamlet:
And then, Hamlet, posting under the alias "size", made the critical error of answering Babak's question for Hamlet:
The use of multiple aliases to abuse people in the same thread, without any meaningful or rational discussion of the thread topic, indicates a deceptive, anti-social agenda. Hamlet registered his Hamlet alias in July 2002. He also registered his "size" alias in the same month. His choice of an alias like "size" offers an amazing confirmation of my previous description of the childish subtext underlying much of what he posts.
I wonder how many of the other aliases, who posted personal attacks in this thread, are also the same person as Hamlet? was stock777 also Hamlet? was reg? was ElatedMaverick?
Hamlet is streaming his lies and abuse into this thread under multiple aliases.
Here is Hamlet's comment, directed at me after I revealed that NYSE Rule 72 sometimes gives priority to larger orders over smaller orders, at the same price, even when the smaller orders arrived first in time:
Here is the response and question, from Babak, addressed to Hamlet:
And then, Hamlet, posting under the alias "size", made the critical error of answering Babak's question for Hamlet:
The use of multiple aliases to abuse people in the same thread, without any meaningful or rational discussion of the thread topic, indicates a deceptive, anti-social agenda. Hamlet registered his Hamlet alias in July 2002. He also registered his "size" alias in the same month. His choice of an alias like "size" offers an amazing confirmation of my previous description of the childish subtext underlying much of what he posts.
I wonder how many of the other aliases, who posted personal attacks in this thread, are also the same person as Hamlet? was stock777 also Hamlet? was reg? was ElatedMaverick?