You hate the specialist becuase of his freedoms to screw you. Of course if the specialist complains about the system he is immediately labeled a "Self-hating specialist" by the SDF (Specialists Defense League). Or is that the Specialists Anti-Defamation league lol
Note that of the two specialists who entered plea bargains, telling the judge that they knew what they were doing was wrong at the time they did it, both were NYSE floor officials, and one was even a NYSE floor governor! This shows that even the people who are supposed to police the NYSE crooks are themselves crooks who are in on the scam. The cops themselves are dirty, just like in Mexico. It isn't just a few bad apples, the whole barrel is bad.
This was actually a push by Goldman Sachs who wanted to unleash their black boxes. But it was seen coming. Plus, too many daytraders have jumped on the NYSE bandwagon and they are easy targets for Goldman with their auto progs. The more interesting part is how all this "technological advancement" somehow ends up costing more money. BTW, I have always wondered why Nasdaq would never drop their fees below NYSE. They could have taken a huge chuck out of NYSE daytrader volume. Instead they were much more expensive, sometimes twice as much.
Every auction style exhange floor was set up as a scam (while also providing center for trading, not 100% evil). It's just logical that these abuses would occur when you allow a blatant conflict of interest. You guys should do some snooping on some of the agri futures floor traders. These guys used to run the prices, printing money hand over fist. The smarter ones were gods and literally dictated where the price was going. Any of the commodity traders familiar with a big "F" over a ticket? Some funny stuff.
Ultimately... The NYSE and NASDAQ have a de facto duopoly... And after some more skirmishing for position... They will very quietly get together... And agree on how to milk the cow to extract maximum $$$. Early Sept 2006... Nasdaq share of listed rises to about 13%... But what's important is that it has reached a point of ** critical mass in terms of liquidity **... So the trend then becomes self-reinforcing... And NDAQ stock is up 35% in 2 months. http://biz.yahoo.com/ap/060907/nasdaq_mover.html?.v=2 And here's a professional opinion on the NYSE's potential problems versus NASDAQ: http://www.tradersmagazine.com/regulatorydetail.cfm?id=115&src=home The whole Hybrid Scam has only one intent: to delay electronic trading... But it's a dangerous game... Because when liquidity "tipping points" are reached... Market share can disappear in a big hurry.
Doubt it. Once the new dawn of "Reg NMS" comes out. LRP's will be useless. Play ball or get run over by the big boys!!!!!! LOL .
This is good info. Here is an additional link to NYSE info on "Liquidity replenishment Points" (LRP). http://www.nysedata.com/nysedata/Su...tabid/108/view/topics/forumid/13/Default.aspx TS
I'll chime in here....the NYSE so far has screwed me over on a fill I was due. Uusally, they take responsibility and make the trade good. Today they are not! I had orders to sell MIL this morning, and the stock opened .60 through my order, and they didn't give me the fill. How in the world can a stock open .60 through my order and I get no fill? I called them on it, and they are trying to tell me some stock ahead bullshit. And orders in the queue a head of me. More Bullshit. I know of a trader who entered his order 3 minutes after mine and still got the fill, and my order entry time was 7 minutes prior to the open. Ridiculous NYSE...fair and orderly market my ass!
Can you post a copy of your order confirm from your software from this morning. Would like to see all the variables.