Amex boycott !!!!

Discussion in 'Trading' started by Joab, Feb 13, 2007.


  1. I have never had issues

    3 vote(s)
  2. I occasionaly have issues

    4 vote(s)
  3. I regularly have issues

    10 vote(s)
  4. Welcome to my daily world

    1 vote(s)
  1. Joab


    I am officially boycotting AMEX stocks from today forward.

    I am sick and tired of their nonsense.

    Today is the last straw.

    Cancel requests that sit for hours (at times).

    This is 2007 and this exchange is nothing but a bunch of back ass crooks and I hope the rest of you will join me.

    If we don't stick together against these kinds of issues, we will be constantly screwed over.
  2. Can't you just use an ECN and route to a different place to trade stocks?
  3. Joab


    I thought I did (ARCA) don't ask me what happened. :mad:
  4. :eek:
  5. AMEX is crooked?? Wow, I'm sure nobody ever noticed that before.

    Stop messing around with that rinky dink exchange.
  6. mrmoose


    probably they routed out. the plunge in a AMEx seat lease from 10,000 a month to 400 a month should be a cautionary tale for all exchanges that in a completive world you can not keep screwing your costumers and get away with it. I'll give you one example, I like to piece out of my winners and offer above the market. I used to do that on NYSE but occasionally be faced with paying a penny a share for a bad order. Now I route that same order to BATS or ARCA and get a rebate.
  7. Joab



  8. zdreg


    are you saying the seat lease at 400/month has the same privileges as when the seat leased for 10000/month?
  9. The Amex is comical. Their systems would alway have trouble opening up options in names that were trading way up or down.
    Typical scenario:

    RIMM opens up 7 pts, and Amex cannot open up RIMM options due to their Coleco Vision computers being inundated by too much data.

    Our customers' orders sit for 45 minutes.

    Amex specialist finally get RIMM options open and all marketable orders execute regardless of where they were due at.

    RIMM specialist pretends that fills will stand.

    I call my floor rep and tell him our RIMM option fills are all screwed up and I want customers who were due a fill at the open to be filled where the inside market was at the open.

    I get resistance from my floor rep and have to go back and forth for two hours and it's up to me to throw together all the affected orders, not the Amex, specialists, or my floor rep.

    We finally get the orders squared away, getting busts, fills, and price improvements where we need them. My floor rep tells me something like, "'Hey, don't forget who gets it done for you down here at the Amex.'"

    I say thanks and then say *bleep* you after I hang up the phone.

    Read it and weep.

    Last link on the page is a report that leaked out of the SEC, regarding AMEX option violations. The SEC caught the AMEX falsifying documents to cover up option violations. And the answer is no. No, the SEC has done nothing to assist the public investors who were the victims of the violations.

    Remind me again what millenium this is, with this nonsense going on in the national capital markets.
    #10     Feb 13, 2007