Class Action Lawsuit against NYSE Specialists

Discussion in 'Trading' started by NDQnCA, Aug 7, 2002.

  1. Kymar

    Kymar


    Nope, can't really pardon that one...
     
    #31     Aug 7, 2002
  2. Just go to the thin names. If it only trades once every 5 mins, the orders just sit out there. You can NX at will. I was able to NX my way into 20k of GCO today at about a 13.95 avg (I was long a few going into today from 13). I'm gonna make 2 pts on these net. There's nothing the guy can do if it's thin. If it's liquid, forget the nx. It just won't work.
     
    #32     Aug 7, 2002
  3. I wonder what would happened if the specialist/market marker were replaced by a sophisticated computer program so that we could get the "fair and orderly market" without the built-in thievery. Any thoughts on this?

    I can see a new stock market in the future which is open 24-7, and is available to everyone around globe, with computer programs managing the fairness and orderlyness of the market. Anyone care to speculate on what trading in such a market might be like?
     
    #33     Aug 7, 2002
  4. NDQnCA

    NDQnCA Guest


    Exactly- I am not bitching and moaning about oh- poor me I can't make money because the specialists are so unfair- on the contrary, i am doing quite well now, thank you. and that is exactly what i am after- "what can we do to make it better" I think that we all agree that there are many screwjobs being done by specialists and that they are not keeping a 100% fair and orderly market- they are pulling a lot of shady things over on us. the only point of my post is to have a public forum where us NYSE traders can come together and talk about our experiences with corrupt specialists and discuss possible ways that we could remedy the system to make it a fairer and more profitable market for daytraders. I don't know exactly what can be done, but i thought we could all discuss it and share our experiences and ideas......
     
    #34     Aug 7, 2002
  5. Unfortunately, you have to go through the firm that executes the trade. If your trades are done through Redi, then you would have to go through SLK. But if you execute through a third party software that executes via ISI, for instance, you would call ISI instead even though you may clear your trades at SLK. I am not a big fan of SLK at all, I have heard they are very unresponsive, I do not ever want to do business with them. That is one of the advantages to a non-specialist based clearing firm, ie: anyone but SLK really, they will fight much harder for you.

    My trades execute and clear via Pax (per Echo), they are very good about fighting tooth-and-nail to get price corrections and fills out of the specialists. They are also very quick about it, which is nice because even if your firm gets you a fill on an order the specialist left you hanging on, if they take 20 minutes to do it you may not want it anymore.
     
    #35     Aug 7, 2002
  6. nitro

    nitro

    Heh heh heh heh heh heh.

    nitro
     
    #36     Aug 7, 2002
  7. nitro

    nitro

    P2,

    I thought you were with IB? AFAIK, there is no way to "NX" with IB?

    nitro
     
    #37     Aug 7, 2002
  8. Don't know about you guys, but I've figured out various ways of ripping the spec off on a daily basis.

    That's what you should be doing.
     
    #38     Aug 7, 2002
  9. Well that sounds like the best idea yet. you cant just post it without telling us more.........
     
    #39     Aug 7, 2002
  10. Yeah, making money of the spec is easy most of the time. Nitro, just use a limit order under 800 shares that's on a bid/offer. You'll nx him instantly. For some reason, IB doesn't believe in 1k nx orders. 800 and under and it works.
     
    #40     Aug 7, 2002