a specialist has a license to steal. The crap they get away with is wrong. They will screw you every chance they can, but guess what? That is the game. And I like the game, but I don't ever use market orders.
Why NYSE market orders SUCK
- Thread starter axeman
- Start date
Listed is easy
Everything goes to only one place so use that route. DOT or ISI will go to the exchange floor.
Arca is a search feature ECN it will first go to the ECN's than the Specialist. Do not expect to have the specialist give you fills through Arca. Usually Arb's are who give you fills.
Now Nasdaq
well
you've got your SuperSoes for Market Makers
Than you can use Select Net as a Broadcast to all of them or Preference one of them as a way of communication.
Than there's Island
and Inca
and Arca
and BRCD
and NXTD
and than AMEX
than Track
Than Attain
than GNET
than DORS
and I'm sure I'm missing a few more.
15 routes......
or 1.
You offered to give him $50-$100 of your money. What did you expect?Quote from axeman:
Because when I enter a market sell order on a thin stock,
the SPEC drops the bid by 10 cents, prints me, and
then moves the bid right back where it was.
That guy is sitting there thinking...what a dumbass...
free money! Thank you very much.
Fair and orderly market huh?
Thank you sir! May I have another?
peace
axeman
I love threads like this. Has everyone forgotten that the Naz MMs raped and pillaged for 25 years, and the OTCBB continues to do so? What they made an open practice of makes the occasional NYSE issue pale by comparison.
As many who trade the NYSE for a living will attest, much of what people complain about are actually simple mis-understandings of how a specialist market works, how to interpret the quotes, the tape, etc. It's not a mostly-electronic market like the Naz, with simple firm ECN quotes. There's a whole world of floor liquidity that has to somehow be conveyed through a simple quote - something that can never be as "clean" as an electronic-only market.
axeman: Would you give us the trade specifics please, so we can look at the tape and see for ourselves? What stock, date, exact time (as close as possible), and size did you try to sell? What broker was this through? Did you raise the issue immediately with them, and did they in turn call the NYSE immediately to get an explanation, and what was it?
I'm not saying bad things don't happen, but there is market surveillance, there are trade inquiries, and people do sometimes get justice when it is due.
tradeoes: right?
As many who trade the NYSE for a living will attest, much of what people complain about are actually simple mis-understandings of how a specialist market works, how to interpret the quotes, the tape, etc. It's not a mostly-electronic market like the Naz, with simple firm ECN quotes. There's a whole world of floor liquidity that has to somehow be conveyed through a simple quote - something that can never be as "clean" as an electronic-only market.
axeman: Would you give us the trade specifics please, so we can look at the tape and see for ourselves? What stock, date, exact time (as close as possible), and size did you try to sell? What broker was this through? Did you raise the issue immediately with them, and did they in turn call the NYSE immediately to get an explanation, and what was it?
I'm not saying bad things don't happen, but there is market surveillance, there are trade inquiries, and people do sometimes get justice when it is due.
tradeoes: right?
rtarhp:
You can also use OES for listed. Not that I'm bias or anything but I think it is a great line to NYSE executions.
mskl:
1. Know the rules for NYSE Direct+. First off your broker has to have NYSE Direct+. Lots still don't. Second you have to understand when it works and when it doesn't.
2. If they don't show your limit, you can call your broker and have them call their DOT liaison or the specialist may be in the process of putting a large print and you may be part of it. The specialist try their best to make a fair and orderly market and sometimes that's not showing your order. Remember, they make a lot of money, the whole world is looking at them waiting to see them make a mistake, and they aren't going to lose it for your order. Just something to keep in mind.
alanm:
right on!
Jeff--
www.tradeoes.com
You can also use OES for listed. Not that I'm bias or anything but I think it is a great line to NYSE executions.
mskl:
1. Know the rules for NYSE Direct+. First off your broker has to have NYSE Direct+. Lots still don't. Second you have to understand when it works and when it doesn't.
2. If they don't show your limit, you can call your broker and have them call their DOT liaison or the specialist may be in the process of putting a large print and you may be part of it. The specialist try their best to make a fair and orderly market and sometimes that's not showing your order. Remember, they make a lot of money, the whole world is looking at them waiting to see them make a mistake, and they aren't going to lose it for your order. Just something to keep in mind.
alanm:
right on!
Jeff--
www.tradeoes.com