Quote from Bitstream:
thats the whole point innit..no way u can get improvement so often in any other mkt and that saves u a lot, nevermind nyse is easier to read and trends more often...i just dont get this countinous bashin of the spec. when almost of my orders routed trough smart ended up at nyse cuz there was a better price and those routed direct profited from even better improvements.
Quote from Maverick74:
I'm at a loss for words as to why some people don't understand the specialist system. I've gotten .50 to a 1.00 price improvements on gap fills. Shit like that made my day, sometimes my week.
If you don't like NYSE, go trade NasCrack. What a beautiful and orderly market that train wreck is. LOL.
Quote from Bitstream:
yeah, but still doesn't explain' how on earth u got so much to complain and i have nothin' to say; if there was real common spread malpractice as u state i would have got hurt by the spec as well, innit. and how can u say i got robbed blind when i got price improvement many times? even if there was a better price sure i dont complain, since on nasdaq i rarely get even 1c better on my trades.
if u trade illiquid shite u get what u get, u know u can expect anythin' from a very thin mkt. i have to guess that u complain about price behavior on those mkts, not on more popular issues because i dont trade only the open and u just cannot make a case for me to get away with it and u to be punished on a reg basis, it just dont make sense.
still dont make sense since i got a new grid every day and traded almost all the issues listed so far, over and over again..as i said if theres widespread corruption im sure i would have noticed it.
u criticize nyse yet u fail to see how common is price manipulation on naz as well...on friday i sold a down gap 1hour or so after the open and took a beatin' because a bastid lookin' for better prices cleaned the book in matter of seconds just to fade it hard and leave a massive 2%+spike behind. the stock is ttwo, check out the chart and time and sale. point is every mkt has crooks and nyse is sure no worse than any other mkt out there.
Quote from Maverick74:
Jim, can you please do me a favor? Pretty please? Can you give me one example of how an NYSE specialist tricks you or corrupts the market? Just make one up. Just give us something to work with here. OK? Thanks.
Quote from Hamlet:
Faulty logic from my friend Rockford again.
Everyone reading knows that in any population, be it CEOs, police, doctors, lawyers, priests, schoolteachers, rabbis and even specialists that there will be some who will do wrong. This is the nature of humans and so it shall be until the end of time. Rockford keeps posting links to these old incidents all over ET. What is his point? He ignores challenges to his claims, and seeks only to obfuscate
Quote from jimrockford:
Maverick74,
I have already explained that NYSE specialists, unlike Nasdaq crooks, don't need to trick anybody. This is because the NYSE specialists control quoting and order execution. They corrupt the very process of order execution, so that they do not need to manipulate markets, in order to interfere with public trading decisions, the way Nasdaq crooks do. Nasdaq crooks need to trick you into trading at particular times and prices, because they lack the NYSE specialist's power to corrupt the critical process of order execution.
I just posted, into this thread, a press release from the US Government, revealing specialist guilty pleas to criminal charges. This gives you an example which more than meets your request for something specific on how specialists corrupt the market.
Quote from Maverick74:
They cannot hold the order if you NX the order. This is not possible as the specialist is not involved in the order. In other words, when you NX, it's automatically executed. He has no say on these orders. It's very much like a RAES order on the CBOE for 10 lots or less.