Quote from onelot:
You're right about the rules, but if you read back carefully, I wasn't dismissing your knowledge of the rules... rather your awareness of how the listed market actually trades.
If you've traded listed long enough (a few months would probably do) you would definitely know that trade-throughs are rampant and you would more than likely have participated in quite a few of them. You might also know that the current trade through rule was initiated in the 70's when all markets were manual markets and is probably one of the most outdated and unenforced rules the sec has. Hence reg nms.
You'd also probably know that Alan was talking about PST, because the news was released during market hours.
Hate to be a dick, but you should probably know what you're talking about before assuming other people don't.
Quote from Cluseau:
it's a simple fucking question people--no need to flex your psuedo-academic know-nothing knowledge. the guy just wanted a straight answer not an evening with your weak writing style.
Cluseau and onelot,
My awareness of how the market trades is imperfect, but it is greater than your own, so you shouldn't rely on it to justify your abusive and insulting behaviour.
I'm quite aware that trade-thrus are common, either because of exceptions ot the trade-thru rule, or because of violations, or because you are relying on slightly delayed data which makes you think you saw a trade-thru when really it didn't happen. Most of those violations occur on NYSE and AMEX, not at ECNs. ECNs are programmed to obey the trade-thru rule. I have observed, on many occasions, that INET or ARCA would not execute my marketable order, because doing so would have violated the trade-thru rule. I have seen statements on both of those market centers' websites, that they will not execute a trade in violation of the trade-thru rule. I'm sure all ECNs are programmed the same way, and that the law requires this. It is the exchange specialists who are responsible for almost all trade-thrus.
I'm quite aware of the history and regulatory background of the trade-thru rule.
I wasn't familiar with the incident Alanm mentioned, and I also misunderstood his post, and my response to him didn't make any sense because I was distracted.
You said that I should know what I'm talking about before I assume other people don't. You should take your own advice.
I think your information was simply incorrect. You can't just execute a trade on an ECN, when an exchange is quoting a better price on a NYSE or AMEX listed security, UNLESS one of the many exceptions to the trade-thru rule applies. You can't do this, because the ECNs won't let you do it. I will admit that perhaps I am wrong here - it won't be the first time in my life - and I did screw up on my response to Alanm - but even if I am wrong, nothing excuses your juvenile conduct.
