I think it is a mark of foolishness and ignorance, to attack and to label, as poor traders, those who demand fair markets and reasonable trading costs.
The SEC Approves New Specialists' Obligations
- Thread starter alientrader
- Start date
Does anyone know if this rule final, or if still room for traders (and therefore brokers) to stage their protest? If still room, please provide some kind of link; I would plan to send emails to over 100 brokers to voice their opposition.
will nasdaq respond with allowing "delaying programs" that will collect all incoming orders, determine whether to front-run and then pass the order through all in milliseconds...
After reading the rule change, I don't see how they COULD NOT have made this change. Think about it. With the hybrid system, the specialist is no longer the primary market for a lot of stocks. Does it make sense to force him to trade against the direction of the stock as it is trading on the ECN? I think this will increase the volatility of some moves, which shoud be a plus for intraday traders. And as far as "front running" orders against the institutions, how long do you think they will put up with that? Won;t he still have an incentive to provide a fair and orderly market? If they abuse this, it will just hasten their demise. I like change, change is good. 
We need Don Bright to weigh in on this (and I do mean weigh )
Don, how do you feel about this?
)Don, how do you feel about this?
Sounds like you're referring to me.
I did not attack anybody.
I did not "label, as poor traders, those who demand fair markets and reasonable trading costs."
Maybe you read my posts too fast. Or maybe your reading comprehension and/or analytical skills are poor. Perhaps you're using a defense mechanism to fill a need. I'm not sure.
Either way, the only person I have ever "attacked" here or anywhere is Marketsurfer. And I only do that b/c I know he realizes I'm just busting his balls in a frathouse sort of way.
I don't attack anybody because i don't have to.
Trade well.
Please excuse wikipedia's focus on Freudian theory. I'm more of a Cog/Behaviorist.
One can easily look through your previous posts, in order to demonstrate blatant contradictions, but it isn't necessary. One need look no further than the contradictions contained entirely within your single most recent post:
You insult my mental functioning, and then you insult my emotional capacity, and then you claim that you are not attacking anybody. You are in deep denial. How can you offer any worthwhile opinion as to what market criminals are doing, when you aren't even able to maintain awareness of your own statements, from one sentence to the next?
Seems like your issues would be better addressed by studying Freud, rather than behaviourism. Seems like you are so troubled, by the idea that market criminals create unfairness which need not and should not be tolerated, that you are unable to give the idea rational consideration. So you dismiss the idea using irrational arguments. You then recognize that this is not sufficient to defeat the idea, so you move on to belittle those who disagree with you. You unconsciously believe that if you can convince yourself and others that those who disagree with you are mentally, emotionally, and/or professionally deficient, then you can help ward off your own nagging doubts that perhaps those inferior people might be right.
Your type of thinking is very much a "defense mechanism". This seems to be a very common thought process, among people unable to face the reality of market crime.
My point is not to belittle you. My point is to challenge people to consider market structure criticisms on an intellectual, rational level, based on scrutiny of specific facts, instead of on emotionally based, irrational, general assumptions which dismiss the criticisms without considering specific evidence.
You insult my mental functioning, and then you insult my emotional capacity, and then you claim that you are not attacking anybody. You are in deep denial. How can you offer any worthwhile opinion as to what market criminals are doing, when you aren't even able to maintain awareness of your own statements, from one sentence to the next?
Seems like your issues would be better addressed by studying Freud, rather than behaviourism. Seems like you are so troubled, by the idea that market criminals create unfairness which need not and should not be tolerated, that you are unable to give the idea rational consideration. So you dismiss the idea using irrational arguments. You then recognize that this is not sufficient to defeat the idea, so you move on to belittle those who disagree with you. You unconsciously believe that if you can convince yourself and others that those who disagree with you are mentally, emotionally, and/or professionally deficient, then you can help ward off your own nagging doubts that perhaps those inferior people might be right.
Your type of thinking is very much a "defense mechanism". This seems to be a very common thought process, among people unable to face the reality of market crime.
My point is not to belittle you. My point is to challenge people to consider market structure criticisms on an intellectual, rational level, based on scrutiny of specific facts, instead of on emotionally based, irrational, general assumptions which dismiss the criticisms without considering specific evidence.
Hmm... so the specialists are now free to trade as they please... it´s a good thing we still have ECN´s to excecute. On high volume stocks where the hibrid market ecns and/or direct+ manage most of the volume this wont be a problem. But it might be on lower volume stocks where most trades still go through the specialist.
on the other hand... what do you have to do to become a specialist?
on the other hand... what do you have to do to become a specialist?