Why NYSE market orders SUCK

[Nordic]

I mean come on... is "fair and orderly market"
THAT much of a complete joke???


You entered a market order and the specialist took your money in a "fair and orderly" fashion.

 

[Eldredge]

Quote from dgabriel:

I don't believe that the specialist is permitted by NYSE rules to do what you feel he is doing. If there is a bid for 50 and you hit the market sell, and if your order arrives before anyone else's and before the the bid is pulled, the specialist is obligated to fill you at the quoted price, even if it is his bid. What does the tape show when this happens?

If you find that a specialist routinely does this and you have the tape to back up your suspicions, then you may file a complaint with the NYSE. Your broker can also petition the specialist directly for restitution.

I think you are right, but it seems to me that the SPEC usually just doesn't acknowledge the order until he moves his quote. This happens to me quite frequently even on fairly liquid stocks (I'm sure my order isn't the only one he doesn't acknowledge until after he does his dirty work). There is a reason they don't really allow auto-execution.

 

[axeman]

LMAAAAAAAAAAAOOOO!!

My butt aches in a fair and orderly fashion.
That bastard...

peace

axeman

Quote from Nordic:

I mean come on... is "fair and orderly market"
THAT much of a complete joke???


You entered a market order and the specialist took your money in a "fair and orderly" fashion.

 

[tradeoes]

I've heard the opposite it being the best market in the world. And I can seriously tell you that I've handled and seen over 1000 execution problems. Some have been what you are talking about. But I think in general most market executions on the NYSE are pretty damn good.

Jeff--

 

[Tea]

The thing is, market orders are probably the only way to get filled WHEN you want to be filled.

If you place a limit order on NYSE they'll just ignore it and trade around it until THEY want to fill you.

So, until the SEC opens up the NYSE like the Nasdaq, its something that you have to keep in mind when trading there.

There is more friction in trading NYSE. It doesn't mean you can't make money there. Just that you have more hurdles to overcome.

 

[axeman]

Just for the record... I really like the NYSE system
and hope it doesnt change, since I have found
several edges in it.

However...I just gotta laugh when I see these
SPECs pull crap like this.

peace

axeman

 

[rtharp]

Quote from axeman:

Just for the record... I really like the NYSE system
and hope it doesnt change, since I have found
several edges in it.

However...I just gotta laugh when I see these
SPECs pull crap like this.

peace

axeman

I'll 2nd that of Loving NYSE

 

[Free Thinker]

"If you place a limit order on NYSE they'll just ignore it and trade around it until THEY want to fill you.'

you need to study nyse rules closer.

 

[QQQBALL]

Quote from vhehn:

"If you place a limit order on NYSE they'll just ignore it and trade around it until THEY want to fill you.'

you need to study nyse rules closer.

not looking for an argument here, but axeman isn't the one who needs to read the rules- and reading everything there is wont change what happens, particularly on low volume days/periods. who is gonna stop them? is the SEC gonna run down and get axeman's dime back? that's why they get away with it.

i don't want to sound too cynical here, but this crap happens all the time. i got screwed on an order - called the "trading desk" - they cut my haircut in 1/2 then they my changed my account w/o notification. just went in there and changed my balance (luckily a credit). i forget the exact circumstances of the trade, but it was sooooo blatant, they couldn't even argue!

i had printed out the documentation of the original trade and filed a complaint with the SEC. its been a couple of years, and i am not holding my breath.

 

[Tea]

The NYSE rulebook is about as respectable as.......

....Martha Stewart as a NYSE board member

.....Dick Grasso as a board member of Federal fraud target Computer Associates

.....Ivan Boesky as......


Just because you wear a suit and have an expensive public relations department does not mean you don't have sticky fingers

Its time for the SEC to open up the black-box time delay machine know as the NYSE specialist system.