From what a few former worldco trader friends of mine have told me, WorldCo traders relied completely on the specialist system. Does this mean that the NYSE single handedly buried not only Grasso, but WorldCo too? Any opinions on the matter?
Why would Grasso's departure be any different to WorldCo than every other firm or trader? If changes are made, either adapt or be gone......same as always. Volume
I have heard that 95% of all WorldCo traders rely on the Specialist system. It would be logical to conclude that a firm relying so heavily on the specialist system would be detrimentally affected by the death of the specialist system. To change is one thing....but change on such a large scale may not be possible. I imagine the general partners of WorldCo LLC are meeting right now discussing this same matter. LoL
I can't believe I'm wasting time answering this, but.... 1) Even if the NYSE gets rid of the Specialist system, it won't be anytime soon. SuperSoes/SuperMontage took YEARS from the time it was approved until it was finally rolled out. 2) From what I've read, WorldCo relies on the specialist so much because they can't trade NYSE through the ECN's (I could be wrong...just going by what I've read on ET). 3) If you don't trade with WorldCo, why do you care if they close up? 4) Stop spending time on the net, and get back to school work....I'm sure Oxford isn't that easy. Volume
The talk around wall street is that the specialist system will be replaced by an automated execution system similar to NASDAQ.
I disagree with most of what you've written. First of all, given the current state of the economy and the bull market we evidentially find ourselves in, the NYSE MIGHT WELL rush a change from the specialist system to an automated system to appear to be changing for the better (Grasso's departure from the NYSE and the board's apparently impenetrable tenure may have a direct impact on investor confidence). Also, I couldn't help but laugh when you compare the time it took SOES to be implemented with the time it might take the NYSE to implement a similar electronic system; everyone knows that SOES broke barriers in the sense that it was something entirely new to Wall Street at the time of its inception (hence we'd expect such implementation to take an extremely long time)......in the case of the NYSE, we would just be implementing a system that had been tried and tested by other exchanges (so it is conceivable that an automated NYSE system would be implemented in a much more timely manner than SOES) LOL Your assumption about why WorldCo trades NYSE stocks is wrong. WorldCo teaches its traders to trade the NYSE specialist system and claims that there is no edge in NASDAQ trading because there is no specialist system there. This info I obtained from someone who spent 7 years at WorldCo before moving on to Morgan (he left last december). I have heard good things about worldco from buddies of mine on wall street and am considering doing business there when I graduate hence my interest in the comings and goings of the firm; also, I would think that everyone would be interested in how hard hit THEE largest trading firm on Wall Street can possibly be by the departure of Richard Grasso (last i heard, worldco had some 1000 proprietary traders...95% of whom trade the NYSE specialist system). My semester at Oxford hasn't yet begun (a whole different system there from the states....fall semesters begin in October and end in December....yep that's right semesters are only two months long in the UK). So it appears that you didn't waste your time replying to my post after all since you were clearly lacking an understanding of the things you wrote about. Hopefully I cleared some things up for you! Thanks for the reply
The members wanted him to resign to protect the monopoly and specialist system. Do you think the exchange members are going to let anything effect the seat value.