I've been trading some of the more obscure ETF's and have run into a problem getting filled by the spec (Amex). Basically, they back away a very high percentage of the time, if its an unfavorable execution (for them). I read on the Amex site amextrader.com that they very proudly claim an auto-ex system (immediate fills with possible price improvement) for small orders. Mostly < 2000 shares, which falls into the category of what I'm trading. Is the auto-ex system a bunch of BS or what? I can tell you the fills , even when I get them, are far from fast, and can take at least 30 seconds or more. I don't think I've gotten an 'instantaneous' fill yet. Looking for some experiences before I call Amex and raise holy hell.
Here is a list current as of 09SEP02. It lists Auto-Ex size as well as the "off" status for some. Never know, those ETFs could be in a "fast market" and they might have to shut the Auto-Ex off.
Even though they claim to be AUTOEX, the specialist still has the right to "freeze" the order before executing it. Thus, he/she can always "change" the quote (fade it) before showing your bid/offer and then say that he/she was changing his/her quote as the order came in.
I'm aware of that list. I'm on it for 2000 shares. If they are freezing the orders 100% of the time , then is pure BS and the SEC needs to be informed.
i think we all need to just chill out!!!! the amex specialist are people too...they have responsibilities they must fulfill. first of all living in or near new york city ain't cheap. then when you add in tuition for private school for biff and buffy, yacht payments...the mortgage on that second home out in the hamptons....a million $$$$'s just ain't what it used to be. have a heart guys.