To all NYSE Traders

S

saschabr

Hello Guys,

i have a question, i experienced this really strange behaviour
of a specialist.

The stock (FTE) was BID 45x 8.83 OFFER 75x 8.95

To test my TWS hotkeys, i sent an order BUY 100 @ 8.83.

It took a sec, as always, but the bid changed not to
46x 8.83, as it should be, he showed BID 1x 8.85 !!!!

I cancelled, as the order went red, the bid dropped back
to where it was. Where the hell does he want to take the
$0.02 from???

He would'nt have done it to run front me, there were
the 4500 right behind me, it was obviously another order,
he would have run in front of this anyway before.

I don't quite understand.

Regards
Sascha
 
it's called being 'pennied.' Specialist keeping his turf, cutting you out.

sometimes I think there is software that automatically keeps someone high bid or low offer. I've seen done with software on ISLD. It is a nuisance.
 
@chas: i see your point. of course. but why didn't he do
this with the 45 lots which were bid for before at exactly
my level ???
I only added 1 to the 45 which were already there.

It could also be that he just made a mistake.
 
i see it too much to think it's a mistake. not sure what interest one would have in doing that other than what I suggested. the 45 lots may have been his bid.

there may be 3rd party software that pulls it off, as I had seen on isld, that is not specialist related.
 
@chas:

i can see theoretically one type of interest.
i noticed, that in these illiquid foreign stocks you sometimes
get extremely good fills with small orders.

once i had an order to sell some stock, small size,
at the bid. i was filled 2 cents higher than the offer was.
dunno how this happened.

maybe they want to "catch" traders who get into one
stock, like a casino does.

i admit this suggestion is very vague.

Sascha
 
everyone thinks at some point that specialists are superhuman. in reality, they're just everyday a$$holes who use their advantage to screw the incoming order flow. they get to back away from their posted quotes, frontrun, penny you, post false bids and offers, etc...

if you could cheat, you'd probably win alot more, too...
 
Originally posted by bungrider
everyone thinks at some point that specialists are superhuman. in reality, they're just everyday a$$holes who use their advantage to screw the incoming order flow. they get to back away from their posted quotes, frontrun, penny you, post false bids and offers, etc...

if you could cheat, you'd probably win alot more, too...
More...

You're being generous again Bungrider
 
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