I have traded listed stocks for a long time now. Currently I am looking into doing some nasdaq stuff. I've been away from the nasdaq for quite sometime now. Just wondering if you 'experts' could bring me up to speed on a few things? I see that Brut/Inet and nasdaq and being combined into a single book? How does this affect order routing? What market centers will Supermontage execute against? Is it cheaper than Arca? What about shorting nasdaq? Can I short certain stocks on a downtick? Any other help? -Guru
i am in the same boat, have only traded nyse. are all shortable on downticks? like the big ones, aapl, rimm, sndk... NYSE has an "OPEN BOOK" does nasdaq have somthing similiar? also what are the best ways to execute oders in fast moving stocks for scalping like aapl and of the like.
u are much better off tradin' naz; instant fills whatever the vola and momo, and shorts filled no prob especially if they get trough arca. unfortunately naz is also a trainwreck most of the times, so it can be more difficult to trade but ya, can get in and out no prob.
I see that Brut/Inet and nasdaq and being combined into a single book? How does this affect order routing? Nobody really knows what it´s going to be like once the single book comes into effect {tomorrow btw...}, order routing will probably become a lot simpler since you´ll basically have 2 mayor ecns instead of 4 to choose from. I think that some of the smaller ecns are going to pick up strenght from this move, but we´ll have to wait and see how it unfolds. What market centers will Supermontage execute against? Is it cheaper than Arca? Supermontage is history bro. It became a part of the single book along with Island and Brut. The price structure of the single book is not going to be very different from ARCA. You should only be considered about the difference in pricing among ecns if you´re plannin to trade rebates. Otherwise they all have similar charges to remove liquidity, from 0.25 to 0.30 per 100 shares. What about shorting nasdaq? Can I short certain stocks on a downtick? The whole nasdaq 100 was added tot he SHO pilot program {the no uptick rule program} a couple of weeks ago.
NYSE has an "OPEN BOOK" does nasdaq have somthing similiar? There´s no open book, since instead of a specialist you have several market makers, you can only see the top of book for each MM{the good thing is that you can see who the MM is}. But most of the action goes throught the ecns, so having ISB + ARB is a lot more usefull than following MMs. also what are the best ways to execute oders in fast moving stocks for scalping like aapl and of the like. Hmm that´s a difficult one... since the market is going to change so much on the excecution side... Up till now ARCA market orders where quite good, since you usually have ARCA in all price levels, but the INET dotM orders should work quite well now.
Bitstream, So you can short any nasdaq issue on a downtick on arca? Does the order have to execute against another arca order or can you arca an inet for instance on a downtick? -Guru