I want to see if it is me or it is just slow compared to the electronic markets I previously traded. For instance just now I had my bullet in place and I tried to hit the BMY bid at 23.00 with just 100 shares (size was there) I waited for exactly a minute, trades went off at 23.01 in the meantime, but no sign of mine, so I cancelled. I am routing via ISI (I know this is slower than Superdot but surely not that slow). I am not using NX. My broker provides lightening fills on Island etc, so I don't think it is them. This is typical of most of my NYSE trades. Sometimes there is no fill for some minutes. How the hell do you scalpers cope with this? What fill speeds does everyone else get?
ISI can be enabled for super dot, in fact I have never seen it set up to not use super dot. Check with you broker. As for fills. Sometimes if you want the fill you have to use nx/directplus, sometimes not.
I had the same problem with order sent down to specialist. I saw prints went up higher than my offer and my order was never filled or fille at much later. If prints went up on the tape higher than my offer, were those executions made by third markets or ECNs? if so, does it cost more to send orders to ECNS for executions?
are you looking at just NY prints? or all Since 95% of volume goes through NY why would you want to look at anything else? Robert
It's rather easy. EVERYONE has the same delay, so it becomes fair. Orders are grouped together all the time. We need a lot more info What was the bid/offer in BMY at the time? What was the size quoted? A minute isn't long enough for a lot of fills. Did you use NYSE +? or just ISI? If they were going off at .01 than maybe it wasn't going to go through the size. Robert Robert
I only trade four NYSE stocks at present, SBC VZ MWD and MER. I have basically resigned myself to the fact that the specialists have a license to steal, and they will do pretty much whatever they want. In fact, if they don't want an order they won't even accept it for a number of seconds until they get their dirty work done - then they will acknowledge it. They only show orders they want to - you can wait a long time and never have your order displayed even though it would improve the nbbo. And, they will give you a fill when they chose to (although I haven' seen them print through my order unless they haven't acknowledged it yet). Island was making it tough for them to cheat on ETFs, so you see what happened there. Anyway, if you want to trade NYSE, I think you just have to accept these facts and work around them. Nasdaq is much more transparent, and Globex is the best. Good luck.
"I have basically resigned myself to the fact that the specialists have a license to steal, and they will do pretty much whatever they want." Yep. It is still a "club" and, of course, a club has many benefits for the members. Option trading is fun too in watching them do whatever they want to do.
if you send the order to ARCA, ISLD, or any ECN rather than NY, would the execution be faster and different? My scalper friend told me he sends most of orders to ARCA or third markets as he has a montage screen to see who the best bid and offer. rtharp, how do you cope with the specialist dirty tricks? thanks,
easy I join him if he takes a position. also Remember a Specialist is only 30% of the volume in a stock.
always faster...............but not better The rules of price improvement don't apply and no real size on the ECNs. Hard to trade 2000 shares when I can only get 132 shares on Island I prefer my daily gifts of price improvement over faster fills any day. Robert