Anyone getting Raped on NYSE Market orders?

Discussion in 'Order Execution' started by Bullet, Dec 20, 2006.

  1. Bullet


    Is this Hybrid system permanently raping anyone sending out market orders??

    Am I correct in assuming we will not get any price improvement anymore?

  2. me2


    getting raped more and more- im done w/ sending dot orders to nyse if ecn's are close to trade w/. ust perfect example yesterda on that move down to 56.40 area
  3. You are correct, for the most part, no more price improvement. Sometimes stocks will trade in a $.30-$.40 range in the same second in T&S because you're going to get whatever's on the book at the time on a market order. You can place a limit, but there's no guarantee that you're going to get filled, and you won't get price improvement on that either (unless it's a marketable limit order). Nearly impossible to read the tape anymore.
  4. What you guys think of that TEX .60 spike down then next thing new highs yesterday (12/19) afternoon? That looked fun for someone.
  5. nassau


    nyse market orders they rape you on limit orders.
    it takes seconds if not at all to get filled
    It took almost ten (10) seconds to get filled on gm
    Many times I have had to call the IB when trying to cover a short in the Metals. The hold you and lock the market then move away and this is on orders of a thousand shares.
    tired of having to exit 2or 3 thousand share positions several hundred shares at a time on stocks like gm,ati,tie,mt etc

  6. be careful also when the market perks up next year. make no mistake all the needledicks from the institutions plan to rattle cages with the sweeps
  7. I was long LVS......ran to piss...came back stopped she's running. she's whipping around left and
    what the f*!
    where da news?
  8. but guys....John Thain thinks everything is WONDERFUL at the NYSE....and heck, they're going into the futures markets next....better BEND OVER !

    The NYSE would also consider expanding into the U.S. futures business.

    "We will not be specific about any transactions, but the futures business is a great business," Thain said. "Trying to find a way to access the U.S. market is an opportunity for us."

    The Euronext deal is expected to close toward the end of the first quarter. Thain will be the chief executive officer of the overall company, while Euronext CEO Jean-Francois Theodore will serve as deputy CEO and continue to run European operations, Thain said.

    Most of the cost savings derived through the merger will come from technology savings, not cutting jobs, Thain said.

    "Between the two of us, we spend $650 million a year on technology," Thain told Bartiromo. "As we consolidate the trading platforms, the data centers and networks we will save $250 million of that $650 million and that is really the main expense savings."

    One of the drivers behind consolidation among exchanges is the "continual downward pressure on pricing," he added.

    "We can take two platforms, consolidate them into one and then bring costs down for users of the exchange," Thain said. "I think you'll continue to see downward pressure on transaction pricing and that will be better for the users."
  9. Why dont you just accept the new reality...
    And develop whatever infrastructure you need...
    To ** manage ** fragmented orders at various price points.

    If you send 500, 500, 500 and 500 at 4 different price points...
    You will do waaaaaay more volume and profits...
    Than sending a 2000 share order at a single price point.

    My NYSE volume is up 40% this year...
    And maybe half of that is due to Limit Order fragmentation.
  10. Exactly, Fragment your order. Since nyse is now basically a half-ass ecn with thin liquidity on the books, you are way better off spraying your order out at various prices. This is one thing that is working well in Hybrids. Price improvement is history...We are now getting price deterioration.
    #10     Dec 20, 2006