love me, or hate me, this is a serious thread. The NYSE has destroyed the trading process on the NYSE by going to a system of penny decimalization, giving the specialists a license to steal YOUR money. Every time I trade now, it seems I get robbed. When I try to cancel an order, it's held until the specialist can determine whether its in HIS interest to let me out. When I'm entitled to a fill, most often I don't get it, and when I complain, the repsonses are always the same. "stock ahead", " matches in the crowd", "just missed it". Before year 2001, before the change to decimaliztion, this did not occur. Wonder why profits on the NYSE are down -95%!! And why people on this board are always justifiably grumbling about whether daytrading is worth it? It's all inter-related to the new sysytem which will kill credibility in the system. So I say, BOYCOTT THE NYSE, cut your trading back 75% or 90%. It's in your interest anyway, you'll get robbed less. Boycott, and send a message that this new system SUCKS! Vinny
Guess you are just a little bit angry. If you don't like NY there is always NASDAQ. Quite a few guys like the NY system. I'm glad there is a balance by having 2 different kinds of systems.
If decimalization were the problem then you would have to boycott all stocks, not just NYSE. The real problem is the closed and uncompetitive nature of the NYSE specialist system. It needs to be opened up like the Nasdaq with instantaneous fills to eliminate specialist shenanigans and visibility of the best bid and ask instead of letting the specialist hide them.
i don't think specialist profits are down...at all...i mean, all the money you're losing has to go somewhere, RIGHT??? as for holding cancels and stuff, if i were a speciailist and there were a bunch of electronic jerkoffs filling my book with enveloping orders and then yanking them so that i could never rely on them to provide liquidity, i'd get a little pissed off, too...like they say "fool me once..." you're also forgetting that the main purpose of the NYSE is to cater to institutions, not you... just playing devil's advocate here...the NYSE has gotten MUCH harder to trade since maybe 9/02...there have been threads on this...
With all due to respect, why does the specialist system have to "open up" for you? Its a private stock exchange where you can pay to be a member if you choose to do so. However, i am sure they devised a system which they think is most profitable and efficient for all players involved, esp the nyse shareholders. If you choose to differ, tough. Deal with it. Don't give your business to them. Or buy a seat.
That is just the way the "game" is. You're always going against the same things(with the specialist system). The only difference is that now, in this market environment, it is much more difficult to make money. When the market gets "good" again, everyone will be printing money, decimals won't matter. The characteristics of this market environment make it difficult to make cash. Be patient, disciplined, and be happy with small profits for now.
The NYSE is a regulated business. The SEC can step in and make them do things if they are not serving the public good (or something like that) - just like they stepped in and told the Nasdaq to open up in the 1980's after they were caught fixing the spread on liquid stocks at artificially wide levels. Monopolies or near monopolies can't do whatever they want in this country.
Sigh.. what evidence do you have that the nyse has a monopoly rather than good business practices. Has the sec ever initiated a complaint that is still pending to that fact? Or is this just your opinion, that is a minority opinion that the nyse is a monopoly. I say its an efficiently run business that is fair to its participants. Just because you say there is a monoplay means shit. What you may perceive to be a monopoly may be the lack of new exchanges to create competition. Hell i think Walmart is a monopoly those unfair bastards. But i am not going to compete against them. You have to do much more than provide a baseless argument. Obviously, the people of the united states (whom the SEC represents) disagrees with your opinion.
Vinny This was an SEC rule not the NYSE...in fact im sure the specialist would give their left nut to have the old traditional 1/4 to 3/4 of a point spread....It was a lot easier for them to scalp and 1/8th off the buy and sell and nobody noticed....now they may get a penny or two.....Im not saying it's perfect, but PLEASE do not tell me about the openers off NASDAQ.....it has been exploited and used for a variety of shenanigans over the last 20 years.....and trust me, there is NO difference between the NASDAQ market Makers and the NYSE specialist when it comes to games.....Any one remembered the old SOES days? You would have a stock trading 20-30 million shares a day and you hit a huge Market Maker with a 1000 share order and he's give .....100,,,Raise price...100 raid price...ect....Also, NYSE specialist are required by the exchange (NYSE) to facilitate a market even if one isn;t there out of their own inventory and at their expense....imagine a NASDAQ Market maker doing that, LOL...how many time do 3 or 4 MM's sit their and stare at an order inbetween the market but won't budge?
"The NYSE has destroyed the trading process on the NYSE by going to a system of penny decimalization, giving the specialists a license to steal YOUR money." this is silly. since the specialist makes his money on the spread it is better for him to have a wide spread.