I have seen lots of post related nyse specialist. But I haven't seen any post related amex specialist. Surely, there is not very crowd on amex stocks. However, etfs are listed on amex and traded heavily very day. I'd like to start this threat to know any information about how does amex specialist work. Any comment is appreciated.
How does the AMEX specialist work? A short digression to the movie "The Sting". The "mark" in the poker game on the train gets cheated by Paul Newman's character (and finds out about it), then asks Robert Redford's character, ''Your boss is quite a card player Mr. Kelly, how does he do it?" Robert Redford grins and says, "He cheats." http://www.thememoryhole.org/corp/finance/sec_amex_report.htm
It's NYSE racket to another degree. AMEX is also a popular exchange for pump & dumps due to lower listing standards. ECNs seem to provide most of the volume on AMEX stocks since the specialists are so blatant in their abuses. At the core, it's essentially the same system as NYSE.
It seems amex specialist is less welcome than nyse ones. However, as we have seen, lots of traders trad nyse stock by taking advantage of price improvement. Since the price improvement intraday will finally disappear soon except open print(effective in Oct.6),is it possible that we could find such chances happen on amex stocks or etfs? So for who are interested in this thread, I'd like to detail my question by asking following two questions: 1. how does amex specialist deal with the open print? 2. for those etfs can be traded through nyse specialists, for example, spy, smh, xle, etc, what is relationship between nyse specialists and amex ones in trading?