Trouble getting filled on nyse stocks

it msut be music to your ears seeing all the naz guys of the last 10 years migrating to nyse stocks since you were really the first all nyse shop.no doubtr nyse stocks trend better with less chop up and done bvut the fills are more tedious than naz. don is there a real difference going directly threw sdot with no 3rd party vs going threw a nyfix or merril dot to get a nyse fill. i've used both and the biggest diiference i see is fewer price improvments as a nyfix flls many in house
 
Quote from Dustin:

On a side note, last week I had the priveledge of hanging out on the NYSE floor for about an hour. The thing that struck me the most was how fast the clerk works all day long. He is constantly typing, while the spec is watching the larger orders, and working orders for the floor brokers. I was also impressed with the memory of the spec because all day guys are coming up to him wondering how their orders are going, and somehow he always knew what was going on with all their orders (for 9 stocks and multiple brokers). It was quite an experience. The specialist was so cool, and very willing to answer any questions.
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How does the specialist 'work orders'? Do floor brokers say they want shares in a certain price range and the specialist matches up incoming larger orders with these off the floor orders or does this refer to someting else?
 
Quote from Szeven:

How does the specialist 'work orders'? Do floor brokers say they want shares in a certain price range and the specialist matches up incoming larger orders with these off the floor orders or does this refer to someting else?
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That's pretty much the way I understand the process.
 
Quote from Dustin:

On a side note, last week I had the priveledge of hanging out on the NYSE floor for about an hour. The thing that struck me the most was how fast the clerk works all day long. He is constantly typing, while the spec is watching the larger orders, and working orders for the floor brokers. I was also impressed with the memory of the spec because all day guys are coming up to him wondering how their orders are going, and somehow he always knew what was going on with all their orders (for 9 stocks and multiple brokers). It was quite an experience. The specialist was so cool, and very willing to answer any questions.
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I totally agree, these "guys are good" (as they say). I am having some people that are doing a TV special for the Discovery channel go to the Floor as my guests to see the Specialist system in action. I don't think they will be allowed to tape this (too bad), but I hope they get a good understanding of how things work.

With the ARCA/NYSE merger (buy out, whatever), we should have the best of both worlds, single place order execution combined with immediate fills....I'm optimistic, but we'll have to wait and see of course.

Don
 
Quote from Babak:

Don (or other execution experts), would you care to clear this up once and for all:

http://www.elitetrader.com/vb/showthread.php?s=&threadid=54277

Thanks.
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I guess you mean this:
I've read all the threads and posts (searched ARCA uptick) and I'm really confused about something that has been talked about ad naseum here.

That is, whether an ECN - ISLD and ARCA are often named - allows you to sell short with no regard for an upbid or uptick. Some say that the ECNs ultimately have to follow the exchange rules, some say that the ECNs can ignore the uptick rule only when/if both sides of the order originate from them and still others say that you have blanket immunity from the uptick/upbid rule when using ARCA (some also say ISLD).

Can anyone offer the correct answer and separate myth from fact?

Much appreciated.

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OTC stocks must still follow the "uptick bid" rule, and listed stocks must follow the "uptick trade" rule, with the exception of the test stocks at this time.

"1000 stocks (“General Pilot Stocks”) chosen by the SEC from the Russell 3000 Index will be completely exempt from the bid/tick tests of the short sale rule at all times for 1 year (May 2, 2005 – April 30, 2006). The list of General Pilot Stocks can be found at: www.sec.gov/rules/other/34-50104.pdf"

Also: "After-Hours Pilot Exemption: All Russell 1000 stocks that are not General Pilot Stocks will be exempt from the tick test for trades executed between 4:15pm and 8:00pm, Eastern time. (NASDAQ stocks will be exempt from the bid test from 4:00pm until 9:30am, Eastern time, consistent with current NASD rules).
"

I'm pretty sure that we have posted this stuff before, but if anyone needs further clarification, feel free to PM or email me. (don@stocktrading.com).

Don
 
Don, can you please post the original pdf file of those stocks exempt from the uptick rule, the SEC.gov link is bad.

Thanks,

Eric
 
The only time i use market orders on listed is when the market is moving away from me and fast....and 7 or maybe 8/10 times, it turns out to be the right thing to do. Your mileage may differ.



Quote from Avalanche:

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Quote from Don Bright:

Just a note of caution. We advise our traders to always use limit orders, since the limit orders can be filled by the "clerk" in a very timely manner. The market orders must be batched by the Specialist, and traded at a price denoted by him. This can make for a longer time frame for market orders than limit orders to be filled.

Don
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You can put a limit but if you miss the block because of your limit being to far away from the market then the Mkt order will get you on. Since you are having trouble getting the block Mkts will do the job. The thing with the limit is you don't know what the block price will be when the block prints so you have to guess with a limit. With a market no thinking involved, just get the print or one of the prints but make sure you think it is going to really move because it can be blocked up and come right back down with you printing the high.


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Anyone want to clarify this age old debate?


Here's the senario. You are in a position already or trying to get into a position and the stock is moving AWAY from you.


You want to get in or out. Lets use a long example. Your long the stock tanks you need to get out cause even if a big print is comming your on the wrong side of it. LET ME OUT!!!! (we've all been there).

Assume the specialist is 1X1, i.e. the book is locked, and you don't have access to regionals or ECN's.

What fills FASTER a nyse market order or a limit order sent out well below the bid?

If the book is closed quoted 45.01 X 45.02 but there are shares on the book at 44.98 can you take those out with a limit order even with the book closed.

*Don lost me with the 2 min rule? Someone help me out, what is he referring to again?
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