Trading DB as ADR is only second best. If you have an universal account trade it on XETRA. Symbol for DB is DBK, also lots of options available on Eurex for DB. 5000-10,000 share per trade no problem in DBK on Xetra.
Uhm the DB specialist is one of the biggest pieces of shit on the floor. If you try to trade it on NYSE with a big cojones mindset, you will get your ass handed to you. Even if you are right more the 50% of the time, the slippage is so huge that in the long run you are guaranteed to lose on the stock. Thats what SethArb meant and he is very correct in only trading 100-200 shares. I was up over a point on DB with 300 shares and was printed 50 cents out of the market which cut my profits almost in half.
and find that TimberHill sometimes tries to be NBBO when the specialist backs off ... does using OpenBook help in showing order flow in a name like this?
You'll find that pretty much any ADR is very difficult to trade short-time. The big boys have computerized systems going all the time to take advantage of price discrpencies between the exchanges and doing some serious arbing. Not only do they factor in the prices on each exchange, they also factor in the exchange rate, so you're very likely going to be subject to those kind of moves.
Wrong: Products Not Available To US Resident Customers Because of SEC restrictions, US legal resident customers are not allowed to trade non-US stock and cash index options. German Securities Options Hang Seng Index Options H-share Futures Mini-Hang Seng Index Futures Nikkei 225 Options Topix Options UK Securities Options UK SSFs