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Specialist Tricks
- Thread starter VictorS
- Start date
If you go visit the NYSE, you will be able to get a glimpse into "their world." It will help allay any fears that they are "trying to screw you out of 1000 shares" ....and then get a NYSE rulebook...We make sure that our people understand the primary rules before they begin to trade (time priority, size priority, trade throughs, matching, and all the rest)....You are wise to ask for this information...it will save a lot of concern....about your "fills" or "lack thereof."
Don
Don
Originally posted by Don Bright
If you go visit the NYSE, you will be able to get a glimpse into "their world." It will help allay any fears that they are "trying to screw you out of 1000 shares" ....and then get a NYSE rulebook...We make sure that our people understand the primary rules before they begin to trade (time priority, size priority, trade throughs, matching, and all the rest)....You are wise to ask for this information...it will save a lot of concern....about your "fills" or "lack thereof."
Don
Where can I get the "illusive" NYSE rulebook. The only thing I can find on rules at their website applies to arbitration.
Is this an actually "book", it is a PDF. I can download and read.
Where can I get one of these things?
Originally posted by Avalanche
Where can I get the "illusive" NYSE rulebook. The only thing I can find on rules at their website applies to arbitration.
Is this an actually "book", it is a PDF. I can download and read.
Where can I get one of these things?
You can call the exchange...I'm making a small assumption that it is available to the public...not just Broker Dealers.
"Constitution and Rules" published by CCH (Commerce Clearing House).
Constitution, General Rules, Dealings and Settlements, Admission of members, Operation of Member organizations, Communicactions with Public, Disciplinary Rules, List and deliating securities, Arbitration, Option rules, Exchange Portfolio rules, Off hours trading rules, Index.
Most will be interested in the subsection "handling of orders and reports."
Mine is a couple fo years old, let me know if you get the "latest" edition.
Don
The rule book is essential. As you read it, be sure you meditate on how the specialist can use them to his advantage.
Naivete is no asset to a trader.
Shakeouts don't occur. The specialist is not trading as principal, therefore is not competing with you for position and profit. Rules are never broken, least of all in financial institutions. Yadda, yadda, yadda.
Oh, and, Wall Street is the most honest place there is. /sarcasm.
I happen to appreciate the 'specialist system.' I just don't see any virtue in sugar coating it.
Naivete is no asset to a trader.
Shakeouts don't occur. The specialist is not trading as principal, therefore is not competing with you for position and profit. Rules are never broken, least of all in financial institutions. Yadda, yadda, yadda.
Oh, and, Wall Street is the most honest place there is. /sarcasm.
I happen to appreciate the 'specialist system.' I just don't see any virtue in sugar coating it.
Notwithstanding the fact that the specialists may indeed be too busy to try to manipulate our 1000 share orders, it does seem to me that lately it is almost impossible to get decent fast fills, even on highly liquid stocks like IBM.
I see an offer on NYS of 8100 shares, I enter an order to buy it at .05 above the offer. My order sits for two minutes with nothing doing, and the offer actually drops while I am waiting. Then magically all of the offers disappear and the market moves rapidly up and I am left with no fill, although no shares traded at the posted offers.
This has been happening a lot recently. Doing a trade inquiry results in the usual "fast market","trades ahead". Who knows what the truth is (except the specialist). The overall impression however is that the specialists are not filling orders as per the rules.
Having said the above I must also say that I am no expert on the NYSE specialist rules. I'm just tired of not getting filled when there is stock advertised at my price.
Echo
I see an offer on NYS of 8100 shares, I enter an order to buy it at .05 above the offer. My order sits for two minutes with nothing doing, and the offer actually drops while I am waiting. Then magically all of the offers disappear and the market moves rapidly up and I am left with no fill, although no shares traded at the posted offers.
This has been happening a lot recently. Doing a trade inquiry results in the usual "fast market","trades ahead". Who knows what the truth is (except the specialist). The overall impression however is that the specialists are not filling orders as per the rules.
Having said the above I must also say that I am no expert on the NYSE specialist rules. I'm just tired of not getting filled when there is stock advertised at my price.
Echo
Interesting experiment today:
As a stock bottomed after a big drop and then bounced, the trader next to me entered a limit buy exactly one second before I hit market buy. We checked our order books. He got filled before me.
Based on this and past experiences, it seems that NYSE market orders are not given priority. It seems that the time is what matters, and MKT or LMT makes no difference.
As a stock bottomed after a big drop and then bounced, the trader next to me entered a limit buy exactly one second before I hit market buy. We checked our order books. He got filled before me.
Based on this and past experiences, it seems that NYSE market orders are not given priority. It seems that the time is what matters, and MKT or LMT makes no difference.
Originally posted by echo33029
Notwithstanding the fact that the specialists may indeed be too busy to try to manipulate our 1000 share orders, it does seem to me that lately it is almost impossible to get decent fast fills, even on highly liquid stocks like IBM.
I see an offer on NYS of 8100 shares, I enter an order to buy it at .05 above the offer. My order sits for two minutes with nothing doing, and the offer actually drops while I am waiting. Then magically all of the offers disappear and the market moves rapidly up and I am left with no fill, although no shares traded at the posted offers.
This has been happening a lot recently. Doing a trade inquiry results in the usual "fast market","trades ahead". Who knows what the truth is (except the specialist). The overall impression however is that the specialists are not filling orders as per the rules.
Having said the above I must also say that I am no expert on the NYSE specialist rules. I'm just tired of not getting filled when there is stock advertised at my price.
Echo
Try using the NX function, it will speed up your fills, but you don't get as much price improvement ( I Love price improvement).
Don