So how come they allow this front run bs?

Quote from Nofear777:

Example. I have bid at 3.16. Someone sells 3000 shares at 3.1602

WTF is that? How do I put in sub penny order? I want to put my order at 3.1699.

Is that possible?
It doesnt seem to let me.
More...

Subpennying is not allowed for you or I. Institutions can use it for a few reasons. Placing limit orders is not a wise move because algos will subpenny the order. Example I want to buy 3000 aapl at 246.89 with a limit order. A predatory algo can jump this order and buy 3000 at 246.8910. After the algo gets filled if price does not go up immediately guess who gets slammed filled on the 3000 shares.

The way to trade now is to take liquidity but do not route out to dark pools etc. The game keeps changing we must keep adapting as well.
 
Wait - Mary Schapiro IS doing something!!

http://www.theonion.com/articles/new-law-forces-ceos-to-humbly-shrug-before-receivi,17380/

"New Law Forces CEOs To Humbly Shrug Before Receiving Massive Bonuses"

"This sweeping new reform sends a clear message to fat-cat CEOs at firms like Goldman Sachs and AIG," SEC chair Mary Schapiro said Monday. "Never again will they be able to receive massive bonuses unless, at a minimum, they flash a gee-I-don't-think-I-should expression and say something like 'Well, all right, but only if you insist' first."
 
Quote from Ivanovich:

Article from Zerohedge written by Dennis Dick of Bright Trading, LLC:

My firm, Bright Trading LLC, recently provided comments to the SEC concerning a predatory trading practice that is compromising the NBBO. It is the practice of using undisplayed trading centers to step in front of displayed orders by an infinitesimally small amount. Today I was trading a very thin, illiquid stock where these predatory trading practices run rampant. I decided to document the sequence of events.

Time & Sales

Time Last Share (100 lots) Exchange

10:19:35 14.04 1 FINRA TRF

10:19:48 14.04 1 FINRA TRF

10:20:00 14.0399 1 FINRA TRF

10:20:14 14.0399 1 FINRA TRF

10:20:28 14.0399 1 FINRA TRF

10:20:43 14.0299 1 FINRA TRF

10:20:58 14.05 1 FINRA TRF

10:21:15 14.0399 1 FINRA TRF

10:21:31 14.0399 1 FINRA TRF

10:21:49 14.0299 1 FINRA TRF

10:22:06 14.0199 1 FINRA TRF

10:22:22 14.05 1 FINRA TRF

10:22:41 14.05 1 FINRA TRF

10:23:00 14.0499 1 FINRA TRF

10:23:18 14.05 1 FINRA TRF

10:23:37 14.05 1 FINRA TRF

10:23:57 14.05 1 FINRA TRF

10:24:15 14.05 1 FINRA TRF

10:24:36 14.05 1 FINRA TRF

10:24:56 14.0299 1 FINRA TRF

10:25:16 14.0299 1 FINRA TRF

10:25:34 14.03 1 NYSE

10:25:34 14.04 1 NYSE

10:25:37 14.0399 1 FINRA TRF

10:25:58 14.0299 1 FINRA TRF

10:26:20 14.0299 1 FINRA TRF

10:26:40 14.0199 1 FINRA TRF

10:27:02 14.0199 1 FINRA TRF

10:27:24 14.0299 1 FINRA TRF

10:27:44 14.0299 1 FINRA TRF

10:29:58 13.99 10 FINRA TRF

Sequence of Events

Time Event
10:19:34 I place an order to sell my 300 shares of RBS.PRE at $14.05

10:19:35 An algorithmic trader steps in front of my order at 14.04 (offering on NYSE exchange).

10:19:35 The stock trades at 14.04. The displayed 14.04 offer is not filled as the quote remains the same, despite the stock trading at that price. The trade was reported on FINRA TRF (FINRA Trade Reporting Facility). This means it was traded off the exchange.

10:19:48 Stock trades again at 14.04, reported on FINRA TRF, displayed offer is again not filled.

10:20:00 Stock trades at 14.0399, in front of displayed offer of 14.04.

10:20:14 Stock trades again at 14.0399, in front of displayed offer of 14.04.

10:20:18 Stock trades for a third time at 14.0399. Displayed seller is again not filled.

10:20:38 Frustrated, I move my ask price from 14.05 to 14.03. I am now the best offer.

10:20:43 Stock trades at 14.0299 in front of my 14.03 offer.

10:20:50 Frustrated, I cancel my order. The best displayed offer is now 14.05.

10:20:58 Stock trades at 14.05, but the displayed offer is again not filled. Trade is reported on FINRA TRF (off exchange). The displayed offer moves down to 14.04.

10:21:15 Stock trades at 14.0399 in front of displayed 14.04 offer.

10:21:31 Stock trades again at 14.0399 in front of displayed 14.04 offer.

10:21:41 I decide to try and offer my 300 shares again at 14.03.

10:21:49 Stock trades at 14.0299 in front of my displayed 14.03 offer.

10:21:55 Frustrated I move my offer down to 14.02.

10:22:06 Trade goes off in front of me again at 14.0199.

10:22:15 I move my offer back to 14.06. Another trader offers in front of me at 14.05.

10:22:22 - 14.05 trades 7 times, and 14.0499 trades once, but displayed offer is not
10:24:36 filled on any of these orders.

10:24:44 I move my offer down to 14.04. Other trader immediately steps in front of me and offers stock at 14.03.

10:24:56 and
10:25:16 14.0299 prints twice, displayed offer not filled again.

10:25:34 Displayed offer 14.03 gets filled, and I get filled on 100 shares at 14.04. Hallelujah!!

10:25:37 14.0399 trades in front of my remaining 200 shares offered at 14.04. Another trader places sell order at 14.03.

10:25:58 14.0299 trades in front of displayed 14.03 offer.

10:26:20 14.0299 trades in front of displayed 14.03 offer again.

10:26:39 I move my offer from 14.04 to 14.02.

10:26:40 14.0199 trades in front of my displayed 14.02 offer.

10:27:02 14.0199 trades in front of my displayed 14.02 offer again.

10:27:10 I move my offer back to 14.03.

10:27:24 14.0299 trades in front of my displayed 14.03 offer.

10:27:44 14.0299 trades in front of my displayed 14.03 offer again.

10:27:50 I give up and move onto another trade. Later I am filled at 14.03, and the stock proceeds to go higher (only reason I am filled).

Who is this market participant stepping in front of my displayed offer? Who is this market participant intercepting the buy orders that are trying to take my displayed offer? Who is this market participant forcing me to pay the spread and hit the bid below? According to the implied exemption given under SEC rule 612, the only market participants capable of trading in sub-pennies are broker-dealers, to offer price improvement. Is this $0.0001 price improvement justification for compromising the displayed quote? This isn’t an isolated event, these events happen continuously every day in this two-tiered market structure. This is a crime of epic proportions, and our regulators need to deal with this immediately.
More...

that is worse than it was before I started soes trading.

That is criminal.
 
Quote from stock777:

noticed this years ago.

where ya been.

bring back soes trading.
More...

I no longer trade full time. When I do trade day trade its not stocks. I have my favorite market. But it has to set up right.
 
Quote from Ivanovich:

Article from Zerohedge written by Dennis Dick of Bright Trading, LLC:

My firm, Bright Trading LLC, recently provided comments to the SEC concerning a predatory trading practice that is compromising the NBBO. It is the practice of using undisplayed trading centers to step in front of displayed orders by an infinitesimally small amount. Today I was trading a very thin, illiquid stock where these predatory trading practices run rampant. I decided to document the sequence of events.

Time & Sales

Time Last Share (100 lots) Exchange

10:19:35 14.04 1 FINRA TRF

10:19:48 14.04 1 FINRA TRF

10:20:00 14.0399 1 FINRA TRF

10:20:14 14.0399 1 FINRA TRF

10:20:28 14.0399 1 FINRA TRF

10:20:43 14.0299 1 FINRA TRF

10:20:58 14.05 1 FINRA TRF

10:21:15 14.0399 1 FINRA TRF

10:21:31 14.0399 1 FINRA TRF

10:21:49 14.0299 1 FINRA TRF

10:22:06 14.0199 1 FINRA TRF

10:22:22 14.05 1 FINRA TRF

10:22:41 14.05 1 FINRA TRF

10:23:00 14.0499 1 FINRA TRF

10:23:18 14.05 1 FINRA TRF

10:23:37 14.05 1 FINRA TRF

10:23:57 14.05 1 FINRA TRF

10:24:15 14.05 1 FINRA TRF

10:24:36 14.05 1 FINRA TRF

10:24:56 14.0299 1 FINRA TRF

10:25:16 14.0299 1 FINRA TRF

10:25:34 14.03 1 NYSE

10:25:34 14.04 1 NYSE

10:25:37 14.0399 1 FINRA TRF

10:25:58 14.0299 1 FINRA TRF

10:26:20 14.0299 1 FINRA TRF

10:26:40 14.0199 1 FINRA TRF

10:27:02 14.0199 1 FINRA TRF

10:27:24 14.0299 1 FINRA TRF

10:27:44 14.0299 1 FINRA TRF

10:29:58 13.99 10 FINRA TRF

Sequence of Events

Time Event
10:19:34 I place an order to sell my 300 shares of RBS.PRE at $14.05

10:19:35 An algorithmic trader steps in front of my order at 14.04 (offering on NYSE exchange).

10:19:35 The stock trades at 14.04. The displayed 14.04 offer is not filled as the quote remains the same, despite the stock trading at that price. The trade was reported on FINRA TRF (FINRA Trade Reporting Facility). This means it was traded off the exchange.

10:19:48 Stock trades again at 14.04, reported on FINRA TRF, displayed offer is again not filled.

10:20:00 Stock trades at 14.0399, in front of displayed offer of 14.04.

10:20:14 Stock trades again at 14.0399, in front of displayed offer of 14.04.

10:20:18 Stock trades for a third time at 14.0399. Displayed seller is again not filled.

10:20:38 Frustrated, I move my ask price from 14.05 to 14.03. I am now the best offer.

10:20:43 Stock trades at 14.0299 in front of my 14.03 offer.

10:20:50 Frustrated, I cancel my order. The best displayed offer is now 14.05.

10:20:58 Stock trades at 14.05, but the displayed offer is again not filled. Trade is reported on FINRA TRF (off exchange). The displayed offer moves down to 14.04.

10:21:15 Stock trades at 14.0399 in front of displayed 14.04 offer.

10:21:31 Stock trades again at 14.0399 in front of displayed 14.04 offer.

10:21:41 I decide to try and offer my 300 shares again at 14.03.

10:21:49 Stock trades at 14.0299 in front of my displayed 14.03 offer.

10:21:55 Frustrated I move my offer down to 14.02.

10:22:06 Trade goes off in front of me again at 14.0199.

10:22:15 I move my offer back to 14.06. Another trader offers in front of me at 14.05.

10:22:22 - 14.05 trades 7 times, and 14.0499 trades once, but displayed offer is not
10:24:36 filled on any of these orders.

10:24:44 I move my offer down to 14.04. Other trader immediately steps in front of me and offers stock at 14.03.

10:24:56 and
10:25:16 14.0299 prints twice, displayed offer not filled again.

10:25:34 Displayed offer 14.03 gets filled, and I get filled on 100 shares at 14.04. Hallelujah!!

10:25:37 14.0399 trades in front of my remaining 200 shares offered at 14.04. Another trader places sell order at 14.03.

10:25:58 14.0299 trades in front of displayed 14.03 offer.

10:26:20 14.0299 trades in front of displayed 14.03 offer again.

10:26:39 I move my offer from 14.04 to 14.02.

10:26:40 14.0199 trades in front of my displayed 14.02 offer.

10:27:02 14.0199 trades in front of my displayed 14.02 offer again.

10:27:10 I move my offer back to 14.03.

10:27:24 14.0299 trades in front of my displayed 14.03 offer.

10:27:44 14.0299 trades in front of my displayed 14.03 offer again.

10:27:50 I give up and move onto another trade. Later I am filled at 14.03, and the stock proceeds to go higher (only reason I am filled).

Who is this market participant stepping in front of my displayed offer? Who is this market participant intercepting the buy orders that are trying to take my displayed offer? Who is this market participant forcing me to pay the spread and hit the bid below? According to the implied exemption given under SEC rule 612, the only market participants capable of trading in sub-pennies are broker-dealers, to offer price improvement. Is this $0.0001 price improvement justification for compromising the displayed quote? This isn’t an isolated event, these events happen continuously every day in this two-tiered market structure. This is a crime of epic proportions, and our regulators need to deal with this immediately.
More...

Would it surprise you that all those sub-penny fills ahead of your limit order is the same b/d hitting himself, perhaps indirectly? How else could he goad you into lowering your offer, he needs to make it look like someone else is buying but you're missing out. Tape painting is apparently legal these days as well -- there's just too many examples of it each and every day.
 
Quote from illiquid:

Would it surprise you that all those sub-penny fills ahead of your limit order is the same b/d hitting himself, perhaps indirectly? How else could he goad you into lowering your offer, he needs to make it look like someone else is buying but you're missing out. Tape painting is apparently legal these days as well -- there's just too many examples of it each and every day.
More...

Nothing surprises me except the pathetic SEC that does nothing but surf porn all day.
 
Quote from MarketMasher:

Wait - Mary Schapiro IS doing something!!

http://www.theonion.com/articles/new-law-forces-ceos-to-humbly-shrug-before-receivi,17380/

"New Law Forces CEOs To Humbly Shrug Before Receiving Massive Bonuses"

"This sweeping new reform sends a clear message to fat-cat CEOs at firms like Goldman Sachs and AIG," SEC chair Mary Schapiro said Monday. "Never again will they be able to receive massive bonuses unless, at a minimum, they flash a gee-I-don't-think-I-should expression and say something like 'Well, all right, but only if you insist' first."
More...
This is the most ridiculous thing i have heard for at least a day. The world is fast becoming a sad pathetic place.
 
Quote from markcfd:

This is the most ridiculous thing i have heard for at least a day. The world is fast becoming a sad pathetic place.
More...

I hope you realize the onion is a political parody.
Before you feel less intelligent, I'll admit I read it the first time in a restaurant regarding a mayonnaise epidemic and actually bought into it for a few minutes. I was more shocked that they distributed the newsprint masquerading as a legitimate paper to restaurant patrons.
The actual print item appears very legit; but is far from it (like the national enquirer, but worse).
 
Quote from markcfd:

This is the most ridiculous thing i have heard for at least a day. The world is fast becoming a sad pathetic place.
More...

I thought it was standard now to check the url of any ridiculous headline to see if it was from the onion.
 
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