QQQ Liquidity on ISLD...

GreenDog · Dec 9, 2002

Anyone else noticing reduced liquidity on the Qubes via ISLD over the past week. Naturally when ISLD decided to "hide" the BOOK, there was a decent drop in QQQ volume, but what I'm talking about is the past 3-4 sessions.

I used to be able to bury 20K shares 0.01 (0.02 at most) away from the market.

Today I've been giving away a bit more.

Thanks,

dog

SethArb · Dec 9, 2002

maybe you better use the NQ e minis ?

or is the slippage better for you using the Cubes?

momotrdr · Dec 9, 2002

Here too Dog....

It is unfortunate, but I do believe the ISLD sanctions are
having an affect on the Q's.

Wasn't so much so at first. However, I have noticed with an increasing rate in the last 3-5 weeks.

GreenDog · Dec 9, 2002

"Conveniently", ISLD no longer posts their market share on the QQQ's. Last data I could find had ISLD w/ 27% share of QQQ total volume (Sept 02).

Current ARCA market share of the Qubes is about 9-10% (from their site).

It sure would be interesting to know ISLD's share these days. I'm sure it's still greater than the other ECN's.

dog

PS - Beautiful little "flush" into the close today!!

cheeks · Dec 9, 2002

SEC

GreenDog · Dec 9, 2002

This October article explains in more detail what transpired -- ISLD was given an opportunity to continue displaying the Book, however they objected to the "3 cents" stipulation. That's !Bullsh*t! if you ask me!

here's the link:

http://www.wallstreetandtech.com/story/topNews/WST20021031S0008

stock777 · Dec 9, 2002

I refuse to trade against an invisible book.

momotrdr · Dec 9, 2002

Thanks for the article.

That was interesting.

Although, I have to state that I tend to side with Isld, on
the measly .03

IMO, the SEC would have done better by the market to acquiesce
to ISLD for the additional .03

Overall I'm not too concerned with the current amount of slippage. Most of the liquidity on ISLD was in the form of hidden orders anyway. However, if slippage continues to increase, I might shift all QQQ specific trading capital to the NQ.

best-

momo

Quote from GreenDog:

This October article explains in more detail what transpired -- ISLD was given an opportunity to continue displaying the Book, however they objected to the "3 cents" stipulation. That's !Bullsh*t! if you ask me!

here's the link:

http://www.wallstreetandtech.com/story/topNews/WST20021031S0008

prox · Dec 9, 2002

Quote from GreenDog:

Anyone else noticing reduced liquidity on the Qubes via ISLD over the past week. Naturally when ISLD decided to "hide" the BOOK, there was a decent drop in QQQ volume, but what I'm talking about is the past 3-4 sessions.

I used to be able to bury 20K shares 0.01 (0.02 at most) away from the market.

Today I've been giving away a bit more.

Thanks,

dog

People actually call it the Qubes or did you make that up ?

GreenDog · Dec 10, 2002

Quote from momotrdr:
Most of the liquidity on ISLD was in the form of hidden orders anyway.
[/B]

... true