shorting nyse stocks in pre-market

gaj · Dec 22, 2003

can someone get me a link that states the explicit rules of the NYSE RE: shorting in after hours?

i'm trying to find one anywhere, and can't find it.

thanks...

Free Thinker · Dec 22, 2003

the nyse isnt open then. you have to use an ecn. nyse rules wouldnt apply.

gaj · Dec 22, 2003

i realise that (the nyse isn't open in premarket), but i thought that nyse rules would apply to ecn's.

and i can't find where those rules are...

SIZEUP · Dec 22, 2003

I am pretty sure its the ecn rules

YoungNAmbitious · Dec 23, 2003

when i worked at a prop firm we were forbidden to short nyse stocks below the previous days close in the pre market. However at least one guy had been doing it for years before they clamped down......

Mecro · Dec 23, 2003

Did it once, will never do it again.

You'll get robbed on pre market orders.

fatman · Dec 23, 2003

Quote from gaj:

can someone get me a link that states the explicit rules of the NYSE RE: shorting in after hours?

i'm trying to find one anywhere, and can't find it.

thanks...

I am very active premarket and I probably make the majority of my $$$ of the positions that I start establishing in the premarket.

I can't give you a link that states the rules, but I can tell you that it is generally accepted that NYSE rules do not apply to any trades done before 9:30 or after 4:30.

Many firms have internal rules that prevent trader from establishing a short position by way of a long sale (instead of short sale). However, it is my understanding that the uptick rules do not apply to listed stocks in the pre market.

sprstpd · Dec 23, 2003

Quote from fatman:

I am very active premarket and I probably make the majority of my $$$ of the positions that I start establishing in the premarket.

I can't give you a link that states the rules, but I can tell you that it is generally accepted that NYSE rules do not apply to any trades done before 9:30 or after 4:30.

Many firms have internal rules that prevent trader from establishing a short position by way of a long sale (instead of short sale). However, it is my understanding that the uptick rules do not apply to listed stocks in the pre market.

I trade through IB and you cannot put in a short sale that is lower than the previous day's closing price into any ECN in pre-market (for listed stocks). The price of that order gets modified to 1 penny above the closing price (or at the closing price - I can't remember).

Where do you trade that allows you to get shorts off without getting a listed uptick in pre-market trading?

Hurricane · Dec 23, 2003

My experience is the same as sprstpd. You see your order get displayed but at a price that ensures an uptick.

gaj · Dec 23, 2003

sprstpd / jrweiner - that's my exact experience. and i was told that it's an NYSE rule...

but i can't find it stated anywhere. i'm glad i'm not the only one who has had this problem...