The SEC Approves New Specialists' Obligations

[Avid_Consumer]

is there a source out there that publishes a ranking of exchanges worldwide on an ethics/fair trade scale?

between this newest NYSE/SEC collaboration and the dollar's stance we should all be voting with our liquidity and taking our trade offshore. i've been making the transition slowly, time to move a little faster. i think there's a perception that dominates the retail trading community that we should intrinsically trade in dollars and US assets when there's a whole world of competetive commerce outside the good old boy network

 

[Hydroblunt]

Quote from Avid_Consumer:

is there a source out there that publishes a ranking of exchanges worldwide on an ethics/fair trade scale?

between this newest NYSE/SEC collaboration and the dollar's stance we should all be voting with our liquidity and taking our trade offshore. i've been making the transition slowly, time to move a little faster. i think there's a perception that dominates the retail trading community that we should intrinsically trade in dollars and US assets when there's a whole world of competetive commerce outside the good old boy network

The computers are ready to replace you. As well as offshored churn & burn operations. Also, can't forget the naive kids straight out of college and the hopeful "I wanna be a trader" ex-corporate guys.

The Hybrid succeeded at what the scumbags needed. Ehh, they turned the tables on the daytraders years ago, all the signs were there.

Did I not call about what they planned to do with these LRPs? These proposals and especially that language used were out there in early 2005.

 

[Dustin]

Quote from uptik2000:

"We're screwed!" "Now its impossible to make money".

Going to decimils.
Program trading increases.
Going to hybrid.

Now this.

As a trader you need to adapt.
It's never going to be easy.

Even "back in the day" there were plenty of people getting their asses handed to them when we were in the midst of a bull market.

Let's see, decimalization killed my $30-40k/mo strategy in 2001. Now hybrid has significantly damaged my next best strategy that I used since 2002. I don't like changes

On the other hand I think this could produce some volatility for us.

 

[listedguru]

I cannot find mention of the sec approving these new specialist obligations anywhere (other than this thread). I'm just curious when (and if) this takes effect? And why was their no public comment period on it - and why didn't the commission even vote on it?

-Guru

 

[uptik2000]

Quote from Dustin:

Let's see, decimalization killed my $30-40k/mo strategy in 2001. Now hybrid has significantly damaged my next best strategy that I used since 2002. I don't like changes

On the other hand I think this could produce some volatility for us.

And what you did was adapt. You didn't bitch about it all day, Dustin. You and I (and anyone else who has been around longer than a yr or two) know that this isn't easy. If it was "everybody" would be doing it. Well, I don't know if I would do it if it was easy.

And I think you're right. It will create volatility.
And it's good to have lots of ETer's complaining about everything. Just like it's good to have people hanging on every word that comes out of Jim Cramer's mouth.

 

[Avid_Consumer]

i agree with everything you're saying but in that last comment it seems like maybe you're comparing conscientiousness to ignorance. does get me thinking though why i bother trying to establish a record of the others' greedy maneuvering to dominate flow, when i should be working on my own

voting with our feet probably works better anyway. liquidity begets liquidity in a big way

 

[88888accountant]

Its one thing to adapt to market changes. Its another to adapt to structural changes. This is completely unfair, just like the arca, and inet pricing changes.

The specialist has inside information and should not be able to use it in any way whatsoever. Specialists were very poorly policed before, and now they have even more freedom, a freedom that was never earned, and a freedom that the SEC had no right to give so carelessly.

Hopefully, we will adapt. But a lot of the newer traders may not since most people lose money in the beginning, and now we are, in away, facing a new beginning. (I dont know if I could have made it through two beginnings, in fact I'm actually a little worried that I might not be able to adapt to this.)

There is no other industry in the world (with the exception of organized crime) where this abuse of monopolistic power would be tolerated.

Increased freedom comes with increased responsibility not decreased.

What is the point of even having a Specialist if he doesn't "REALLY" have to maintain an orderly market?

 

[Scalper007]

Quote from listedguru:

I cannot find mention of the sec approving these new specialist obligations anywhere (other than this thread). I'm just curious when (and if) this takes effect? And why was their no public comment period on it - and why didn't the commission even vote on it?

-Guru

Yea me too. I'd like to know when this is going to start. Does someone know???

The whole meaning and purpose of a specialist would now be gone totally.

 

[Rearden Metal]

Quote from Avid_Consumer:



voting with our feet probably works better anyway. liquidity begets liquidity in a big way

Bingo! For those who haven't checked recently; Look at how liquid the thick NYSE stocks have now become on ARCA!

ECN's are rapidly grabbing market share away from 'Vinny the specialist'. The snowball effect is already well underway, thankfully.

 

[uptik2000]

Quote from 88888accountant:

Its one thing to adapt to market changes. Its another to adapt to structural changes. This is completely unfair, just like the arca, and inet pricing changes.

The specialist has inside information and should not be able to use it in any way whatsoever. Specialists were very poorly policed before, and now they have even more freedom, a freedom that was never earned, and a freedom that the SEC had no right to give so carelessly.

Hopefully, we will adapt. But a lot of the newer traders may not since most people lose money in the beginning, and now we are, in away, facing a new beginning. (I dont know if I could have made it through two beginnings, in fact I'm actually a little worried that I might not be able to adapt to this.)

There is no other industry in the world (with the exception of organized crime) where this abuse of monopolistic power would be tolerated.

Increased freedom comes with increased responsibility not decreased.

What is the point of even having a Specialist if he doesn't "REALLY" have to maintain an orderly market?

I agree 100%. It's unfair. My original point was that there have been a lot of changes over the years. Some people keep finding ways to make money. And other people will use those changes as the reason why the failed.

I love that handle. The 8's account. Classic.