specialist article

dotslashfuture · May 30, 2003

look at what they do on EBAY.

As the price of the item gets higher, so does the minimum price increment on bids, in other words, they increase the minimum tick.

NYSE is an auction market, EBAY is an auction market, same principal.

axeman · May 30, 2003

You have 50K shares and you send the SPEC
a MARKET ORDER?

Is it just me, or are these elephants really that stupid?

peace

axeman

AAAintheBeltway · May 30, 2003

Quote from axeman:

You have 50K shares and you send the SPEC
a MARKET ORDER?

Is it just me, or are these elephants really that stupid?

peace

axeman

Yeah, that was my reaction. And it was right at the close. That doesn't excuse a ripoff, but you gotta wonder. Maybe the client made a stink over the fill and wouldn't take it.

bubba7 · May 30, 2003

Quote from axeman:

You have 50K shares and you send the SPEC
a MARKET ORDER?

Is it just me, or are these elephants really that stupid?

peace

axeman

They are stupid....

moffitt · May 30, 2003

Think this is bad?? Just watch how they start to convince everyone that spreads are what they need to make fair markets.
They took away the sixteenth vig that they had to trade with.
So they have to front run etc to make money. The talking heads are already on the street making noise in that direction.
CNBC started to mouth for them. Plus one of their promos features Donaldson talking about spreads. Yup everytime
they tell you something is good for the public. it's time to get the tube of Preperation H.. Lets see deregulate the airlines. Change Ma Bell. Oh how about HMO's?? That was surely going to help us with our medical. The list of great ideas to help us is endless.

cornholetrading · May 30, 2003

Quote from axeman:

You have 50K shares and you send the SPEC
a MARKET ORDER?

Is it just me, or are these elephants really that stupid?

peace

axeman

Back in the day though wasn't that where a lot of NYSE short term traders got their price improvement from. I like the fact that institutions were more concerned with getting filled then getting filled at the lowest possible price because their orders caused the nice ebb and flow which I could scalp.

Ken_DTU · May 30, 2003

Quote from axeman:

You have 50K shares and you send the SPEC
a MARKET ORDER?

Is it just me, or are these elephants really that stupid?

peace

axeman

lol gotta agree there

Hitnruntrader · May 30, 2003

Would it be possible for the nyse to change their system and eliminate the specialist. It would be cool if there was one place to place orders. Something like island. Instant fills would be cool. No middleman. And if this was the primary source for where orders are executed there would be plenty of liquidity yet institutions could still hide their cards rather then showing big size etc... I am sure it would take a while to get the hang of things but in the long run it might work. Then there would be no excuses for traders or institutions.

nitro · May 30, 2003

Quote from Hitnruntrader:

Would it be possible for the nyse to change their system and eliminate the specialist. It would be cool if there was one place to place orders. Something like island. Instant fills would be cool. No middleman. And if this was the primary source for where orders are executed there would be plenty of liquidity yet institutions could still hide their cards rather then showing big size etc... I am sure it would take a while to get the hang of things but in the long run it might work. Then there would be no excuses for traders or institutions.

You would be just as equally an idiot to post a limit order for 100K shares for every daytrader to stare at. If you try to ease out of it piecemeal, they would risk the market moving away from them.

These people ARE NOT stupid, but they are not necessarily traders either.

nitro