Would you feel for people short if buy orders clogged up the system and they couldn't get out at reasonable prices?
Trust me, any "dispute" will go no where. Is the NYSE responsible for immediate facilitation of any and all volume? Of course not. No more than if your home burns during the next Great Fire and you complain there was a shortage of responders. Like I said before, shit happens. During the break I was wistfully hoping that a program trading meltdown would occur. It's to be expected. If selling was so important to some "traders", then why wait until the illiquid late session trade through new lows. Honestly, the fact that it wasn't worse than it was gave me the impetus to cover and go long on an ES 92 print off the 89 low. I thought we'd plunge 80 pts under those conditions.
Exchanges are well versed in how to "cover their ass". Reread all that fine print when you opened the account. They have all possible angles covered and even some you have not seen yet. Ya, wanna play, ya gonna pay their membership dues now and then. Spring is coming, many members of exchanges have boat storage bills etc to pay. Maybe even a new ride to get to the docks.. Springtime is girlfriend time.
So long as there is the representation by any exchange, NYSE or other, that they are properly equipped to handle any and all volume, as the NYSE has claimed it is, yes. If they can't handle the order flow, and that literally steals money from traders, Houston, we have a disclosure problem.
ByLoSellHi, you have a great point. The Nyse has not been on the top of their game ever since the hybrid system came out. It seems like they have problems daily on the floor, whether it be delayed quotes, frozen orders, or the other assortment of technical issues. This hybrid rollout has been atrocious, and if one was the guage the response by the comments in the media, or their official website, people would think it was a blazing success. Alot of this could have been backtested and the problems would have been mitigated by slowly implmenting the system instead of shoving it down everyone's throat. It is surpising how the SHO pilot program which only effects the upticks of stocks, has been in testing for about 2 years, as in the hybrid system which effects everything with the execution and faciliation of stocks was "COMPLETED" in 6 months with absolute success. Wish that everyone would just boycott the NYSE and take their buisness elsewhere because this is unacceptable. (WISHFUL THINKING). Sorry, end of rant.
Since we are on a conspiracy roll. Maybe the NYSE is China's Plunge Protection Team. Simple strategy, computers switch to back up. in a few minutes, China/US meltdown aborted paid for by us.
My ass....they bust trades...on a completely arbitrary basis....and only bust one side..so if you bought...then sold.....you are now short...and stuck with a big fat loser....of course...if the trade itself is a big fat loser....it always stands. NYSE is a far better market then NAZ. That being said.....they are both a bunch of crooks.
John Thain was on CNBC and so was the head of NASDAQ. CNBC the shill network that it is did not ask the hard questions of Thain. He was not pressed to answer why trades were still being made after the normal closing time today. The answer was they still do not have their act together. The head of NASDAQ was rather smug as well he should be. He said that they have been trading electronically for a long time and actually do tests magnifying many times what they estimate could be peak volume. Obviously, NYSE has not tested their systems for the massive volume that can occur on days like today and yesterday. Thain did put some blame on Dow Jones which is deserved, because of the glitch in computing the Dow average, but when you own a newspaper like the WSJ do not expect much criticism of them.Thain was told by his handlers not to blame the hybrid system but the messaging system as if traders care what the cause is, executions are not being made in a timely fashion, and that is the fault of the impostors who are posing as leaders of the NYSE. CNBC, NYSE, and WSJ are doing a lousy job covering the real story which is, why should traders or investors have much confidence in the NYSE? Dick Grasso was extremely overpaid, but if he had appeared on CNBC the day after yesterday's debacle he would have been dancing better than Thain. Minnie Pearl derided her cousin by saying that you could find him in the middle of the road holding a horse halter and he would not know if he had lost a horse or found a horse halter. So it was Thain, the boy was more lost as head of the NYSE, than Bush's boy "Brownie" was as the head of FEMA after Katrina, and that is saying something about being in over your head.