EXACTLY, the forced resignation/witchunt was motivated at least in part to preserve the status quo.... i have no idea what the thread starter is babbling about
If you have friends on wall street or work there you MUST have heard the idea today that the NYSE may get rid of the specialist system and implement an automated marketplace.... That's what I was babbling about. Actually, I don't think the Specialist system will be removed but it is interesting to think about how firms would be affected if it were to be removed. I don't know much about other firms, but from what my friends tell me, WorldCo's traders are very dependant upon the NYSE specialist system and if it were gone tommorrow, something would go down there......and i don't think it would be pretty....
No, he's right, it was almost up that high....I think almost 900. Lots of people are gone for a number of reasons since then.
No, I am not lacking in the information I have posted. You clearly are not a trader. If you were, you would never make this statement... "The guy I know left the firm in 2000. He told me that the firm has nearly 1000 traders......are you telling me that WorldCo cut its workforce by nearly 60% over the last two years? I highly doubt my friend was mistaken when he told me that WorldCo was the biggest prop shop on the street with nearly 1000 traders."----Oxonian EVERY FIRM HAS CUT THEIR WORKFORCE!!!!!.. It's called a bear market. WorldCo has no where near 1000 traders. This next statement was a beauty also....... "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"-Oxonian First of all I said SUPERSOES and SUPERMONTAGE not SOES....if you traded, you would understand the huge difference. You would also understand that it turned out to be a failure. It was implemented to take volume away from the ECN's, but it hasn't worked out that way. You are obviously misinformed about almost everything that you wrote about. So stop trying to rebut statements that ACTUAL TRADERS write. We have been doing this day in and day out for years....you are in college and have never traded a day in your life. Volume
There were many NASDAQ firms making a ton of $$$$$.. The only difference is they didnt havethe lobbying or the histroy of the NYSE... If this lobbying gets weakened (people already have it in their sights) expect the NYSE to go automated....
Will the increased scrutiny and the at least remote possibility that the spec system might be scrapped lead to fairer trading, less frontrunning and more transparency? Naaah.
Didn't mean to push your buttons buddy. So you say I shouldn't be surprised when I hear a firm has cut 60% of its workforce? I know two traders who worked at WorldCo for more than a few years; they both say the firm had nearly 1000 traders and I have no reason to believe you over them! That the firm has less than that now doesn't surprise me; what surprises me is HOW MUCH LESS! I am amused that you consider a 60% cut in workforce no big deal EVEN IN A BEAR MARKET (by the way, I disagree with your contention that we are in a bear market......all indications point to a strong bull market....but hey, you're the professional trader right? lol). I hope all the traders I compete against when I do become a professional trader are as smart as you are......then I don't think I'll have much to worry about. A flaw that you obviously possess is an inability to accept when you are wrong or to accept that an inexperienced student of the markets might know more about your trade than you do. This is a flaw you MUST overcome if you are to succeed in the markets; you must admit when you are wrong. But if you have been lucky thus far in your trading, well God Bless you then! Even in the sciences, we must always make room for a little luck! I stand firm in my statement that an automated NYSE could be implemented in far less time than it took for the SOES and SUPERSOES system to be implemented. Even in your response on this matter, you seem to have lost your focus: we weren't discussing whether the new automated NYSE system would achieve its goal of replacing the specialist system but rather how long it would take to implement such a system. Why you rambled on about how SUPERSOES didn't achieve the goals that were set for it is beyond me! Once again you are obviously confused! I guess that's good news for the traders that compete against you! Cheers
Hey Volume, looks like WorldCo did have nearly 1000 traders at some point. And this is straight from a self proclaimed worldco trader himself, Cuda
Hopefully that won't happen. The NASDAQ is a bitch to trade because of how much more volatile it is over the NYSE. If the NYSE becomes like the NASDAQ, a lot of former NYSE screen traders may find themselves trading their way to the poor house.