Why NYSE market orders SUCK

[mskl]

Quote from tradeoes:

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

Jeff,


1) I'm not a big fan of the limitations:

30 seconds
1099 limit
they still post a size of 100 shares even after the balance of a bid/ask has been filled in essance freezing the market - in this day and age it should be simple to post an updated quote immediately


2) They post your limit orders but IMO, not in a timely manner. It should be immediate for EVERYONE to see




There certainly is many ways to take advantage of the rules on the NYSE - but for the novice trader, the lack of visibility as compared to the NASDAQ can make it very difficult.

 

[NasdaqTrader]

Quote from rtharp:



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.

No more Supersoes.As of December 2,all nasdaq stocks are on supermontage,which trades with all MM's and ecn's,except isld and inca.But in my opinion,ARCA is the best way to trade nasdaq,since they trade with all mm's and ecn's.So that is your 1 nasdaq route.

 

[tradeoes]

I can see your point but the limitations on Direct+ are there so that people don't take advantage them. Another quote is coming out from the NYSE so that you won't have the 100 share problem. Check out the link below.


http://www.nysedata.com/liquidity/


Jeff--
OES

 

[cornholetrading]

Quote from tradeoes:

I can see your point but the limitations on Direct+ are there so that people don't take advantage them. Another quote is coming out from the NYSE so that you won't have the 100 share problem. Check out the link below.


http://www.nysedata.com/liquidity/


Jeff--
OES

Jeff,

I was told by someone that in the next few months they are going to change the direct plus rule so that you will not be able to use it if the spread is more then 5 cent wide. They will also be showing bids and offers 2 levels deep instead of just the inside quote. Have you heard anything about this.

 

[tradeoes]

The second quote(2nd level deep) is the liquidity quote. That link from nysedata/liquidity describes it. I don't know about the 5 cent thing but I can find out.

Jeff--
www.tradeoes.com

Quote from cornholetrading:



Jeff,

I was told by someone that in the next few months they are going to change the direct plus rule so that you will not be able to use it if the spread is more then 5 cent wide. They will also be showing bids and offers 2 levels deep instead of just the inside quote. Have you heard anything about this.

 

[Nordic]

Re: Re: OES Dot
I can see your point but the limitations on Direct+ are there so that people don't take advantage them. Another quote is coming out from the NYSE so that you won't have the 100 share problem. Check out the link below.


http://www.nysedata.com/liquidity/


Jeff--
OES

Jeff how will this help 1 by 1 that the spec constantly throws up on the current BBO to shut out Direct + executions.
Thanks

 

[tradeoes]

You'll be able to get size done outside New Yorks regular quote and get it done with the liquidity quote or better. I don't know if that will help or not because those liquidity quotes aren't out yet. In the mean time you can always try a regional and see if you like the executions there. Experiment a little and see what you like.

Jeff--
www.tradeoes.com

Quote from Nordic:

Re: Re: OES Dot
I can see your point but the limitations on Direct+ are there so that people don't take advantage them. Another quote is coming out from the NYSE so that you won't have the 100 share problem. Check out the link below.


http://www.nysedata.com/liquidity/


Jeff--
OES

Jeff how will this help 1 by 1 that the spec constantly throws up on the current BBO to shut out Direct + executions.
Thanks

 

[TheCaracal]

Sending a market order on NYSE? Why? Just sent the spec. a blank check!

 

[dc441711]

Does the thirty second limitation apply per firm or trader?

Thx.

 

[Hitnruntrader]

Quote from cornholetrading:



Jeff,

I was told by someone that in the next few months they are going to change the direct plus rule so that you will not be able to use it if the spread is more then 5 cent wide. They will also be showing bids and offers 2 levels deep instead of just the inside quote. Have you heard anything about this. [/QUo


If you cant use auto ex for a spread of more then 5 cents, that would be brutal. I hope you are wrong about this rule.