With the launch of Hybrid, the NYSE has <b>finally</b> declared open season on the specialists. NYSE Hybrid stocks trade freely, without any specialist manipulation. The NYSE has finally realized; They have no use for the leeches either. I'm making the call right now: <b> Within 2-3 years all NYSE stocks will be allowed to trade freely. Specialists will no longer be given the luxury of controlling/manipulating stock prices. In 2009 they may still call themselves 'specialists', but they'll function as mere market-makers- NOT as manipulators holding the golden key.</b>
I don't understand hardly anything you talked about or what the original poster talked about as I am not a trader (am here to try and learn things). But I still would like to ask you a question...Is what you described being done by that person, I guess he is called a specialist, is what he is doing illegal or legal but just shrewd? Thanks
Legal, thats his job. To produce liquidity in the stock. Specialists are only in NYSE and Amex I believe. Its not really screwed either b/c thats what he sees the volume is doing. i.e. more people sell stockgoes down. More people byy stock goes up. lol
I agree with this. The NYSE is in it's biggest fight for market share ever. The Specialists have become a liability... and they will be hung out to dry faster than anybody thinks. NDAQ is pushing $40... because they are steadily increasing their Listed market share. The NYSE has yet to do anything to reverse a very worrisome trend for them.
This is an outright LIE by an NYSE shill. You do not have a shred of honor, sir. Both NYSE and, especially, AMEX Specialists... Have been systematically involved in ILLEGAL market manipulation for decades... While their buddies in NYSE Market Surveilance and the SEC just look the other way. PROOF? Check the police blotter. Dozens of Specialists under criminal indictment. But they are just pathetic PATSIES... Taking the fall for the Excecutives that control Wall Street. It's as if all the mid-level managers at Enron went to jail... But for the guys running the show... just business as usual continues unimpeded. The only thing that will clean up the NYSE... Is the inevitability of 100% electronic markets within a few years.
Type "NYSE" and "Specialist" and "criminal" into Google... And you get 249,000 hits. Like this one at random: http://legalsoapbox.freeadvice.com/...cialists_plead_guilty_to_securities_fraud.htm But it's always a big "shock" to the NYSE shills... And, of course, it could never happen. It never fails to amaze me... The degree to which intelligent people... Just totally swallow every single deception the Securities Industry dreams up. To explain how the NYSE can trump Federal law at will... I will just give you ONE example. "Backing away" means posting a bid/ask... But when someone hits your bid/ask... You pull it... drop it by 1-2 cents... and no fill. "Backing away" is illegal under Federal llaw... the 1934 Securities Exchange Act... Because it is the most blatant form of Market Manipulation. Do you people know how the NYSE polices "backing away"? They look at monthly statistics for all the firms... And calculate the ** percentage of the time ** each firm "backs away" from a live bid/ask. If this percentage is below a certain threshhold... like 2-3%... than that firm is "in compliance". NO. NO. NO. Every single instance is illegal. But what this really means... Is that on any individual order from any specific firm or trader... The Specialist has the option of breaking the law... As long as he only breaks the law only 2-3% of the time.
Initially I agreed with this statement. However after reading more about how the LRP's within the hybrid work and watching the hybrids trade I no longer agree. The problem is that once a stock hits the LRP the specialist can just freeze the stock and lock everyone out. These LRP's are rediculous on most stocks.. 5, 10, 20 cents..(I believe each LRP is recalculated every 30 seconds). At the very least these LRP's should be much higher. Basically at this point anytime a stock is going to make a good move the specialist still has free reign. I guess were all gonna have to live with it.. Heres a list of the LRP's I'm talking about..... http://www.nyse.com/pdfs/activated_lrps.pdf
I thought the NYSE did a lot to reverse that worrisome trend when they bought ARCA... They gained a huge chunk of market share back and got themselves into OTC trading all at once... - mnx
DOUBLE BINGO! As I have said in other threads, even with hybrid, the specialist still has his ways to manipulate...And his Golden Key this time around is L R P. So to those of you that trade nyse, just be wary that when a stock triggers LRP, the specialist does anything he wants. And what Hounddog is saying is absolutely true. If any of you traded LVS yesterday, you would be so damn pissed, because he was backing away with a 1,000,000 share order all day long. He shows it and as soon as i wanna hit it, its gone. He shows it, I jump in and buy and he takes it away. Pure manipulation. Now of course this size flashing non-sense does not matter if you are going to hold longer than 5 minutes. But when you are scalping, it matters. The funniest thing is that they can do illegal things up to a certain percentage and "it's ok"...