SpecialistMan - by John Bogle

Tea · Sep 22, 2003

Quote from Tea:

If you want to go after someone big like the specialistman. The first thing you have to do is to take out his security.

Dick Grasso was the security for the specialistman....

Dick Grasso's failure was that he did not have a mini-me or another Dick Grasso to look after his own security.

While a bodyguard like Grasso can perform brilliantly running interference/providing security for NYSE specialists, he is often blind to his own needs.

This was a train wreck that probably could have been avoided if it had been properly finessed.

Good news for individual investors and pension funds - bad news for the specialists union and DG.

C Robinson · Sep 22, 2003

Quote from bungrider:

no no no no no no no no no no

allowing the specialist to control the ECNs in ANY WAY would be a step backwards for the entire market..........

actually the specialist do have control over arca in that they can hold cancellations. as if they didn't have enough advantages!!!!

bungrider · Sep 22, 2003

Quote from C Robinson:

actually the specialist do have control over arca in that they can hold cancellations. as if they didn't have enough advantages!!!!

shit, is that right!?

i thought arca routed to PSE for listed??

so the specialist in this case holding the cancel -- is that the main guy at NYSE or someone else at PSE???

(no WONDER arca's so fucked up!)

thanks,
-b

Ron In-a-sauna · Sep 22, 2003

Quote from C Robinson:

i second that!!!!! this article is right on the money. grasso's whole responsibilty was to preserve the insider trading advantages of the specialist while giving the appearance of serving joe six pack. lol lol lol did anyone else see the interview with Putnam, CEO of ArcaEx???? he basically accused grasso of strong arming clients, i.e. threatening them with regulatory action if his auditors discerned they were using the ecn's more than his monopoly exchange (NYSE)!!!!!!

yeah, i saw that and got the same feel; i dont think he was even subtle about, he came right out and made the accusation

C Robinson · Sep 22, 2003

Quote from bungrider:

shit, is that right!?

i thought arca routed to PSE for listed??

so the specialist in this case holding the cancel -- is that the main guy at NYSE or someone else at PSE???

(no WONDER arca's so fucked up!)

thanks,
-b

i had called my clearing firm about some late cancellations on arca, one in particular that i got filled way late, i believe it was in TXN. they inquired to the floor and came back with the response that the specialist can hold arca orders. this is not the case with isld.

seisan · Sep 22, 2003

The above title heads the article below by business writer
Gretchen Morgenson in today's New York Times:

http://www.nytimes.com/2003/09/22/business/22PLAC.html?ex=1065245841&ei=1&en=5e60d59cb9da64a7

Ron In-a-sauna · Sep 22, 2003

Quote from C Robinson:

i had called my clearing firm about some late cancellations on arca, one in particular that i got filled way late, i believe it was in TXN. they inquired to the floor and came back with the response that the specialist can hold arca orders. this is not the case with isld.

you can get improvement though on ARCA, but we all know how that goes if you cancel and get held, you prob dont want it anyway even with improve

alanm · Sep 22, 2003

Quote from C Robinson:
actually the specialist do have control over arca in that they can hold cancellations. as if they didn't have enough advantages!!!!

Would you elaborate please? How does a specialist have control over orders on ArcaEx?

JMartinez · Sep 23, 2003

Does anybody have a link to the Jerry Putnam NYSE interview?

Quote from alanm:

Quote from C Robinson:
actually the specialist do have control over arca in that they can hold cancellations. as if they didn't have enough advantages!!!!

Would you elaborate please? How does a specialist have control over orders on ArcaEx?

C Robinson · Sep 23, 2003

Quote from alanm:

Would you elaborate please? How does a specialist have control over orders on ArcaEx? [/B]

exactly what i said......they can hold cancellations...therefore i assume they can fill them if they want to.....