Also, will this not mean NYSE specialist will have to jack up their fees? They cant have a market where its profitable to get in flat in the bid and pound out on the specialist and make money, stocks will never go anywhere because 48302849023 credit traders will be on it.
FWIW "never use market orders" - 10% NX (only with 1 cent spreads). Our programs automatically keep limit bids and offers below and above the NBBO until the spread widens past us, thus giving us price improvement. Don
I'm speculating that with fewer people parking on NYSE, where the brokers can still trade big blocks, that there will be a bit more volatility early on. Again, we'll just have to see how the institutions are playing it. Don
Not sure how the rebates on nasdaq differ(i know they exist!) but I can attest to sweeping on AAPL during their event this week: it was quite a show watching the nasdaq totalview and the tape on AAPL.......
They're going to be using algorythmic trading at LRP's. You may like to read through some of this: http://hybridtalk.nyse.com/ Don
You've mentioned never using market orders before, but I never figured out why. Over the last several months I had been considering trying to change up, but the habit is so ingrained. Most of my successful trading came from my own experience and not mentorship, so there are a lot of inefficiencies. Also do all your discretionary traders use this bidding program for entering trades?
I only take small size on Nasdaq for swing trading, so I don't have much experience with order flow. It actually surprises me that there would be any sweep at all on Nasdaq. How is that possible?
Don i noticed a few high vol nyse stocks had more arca vol than nyse on the big and ask today? So don what were saying is the nyse will phase out to all electronic somewere downt he line? if i get my rebates from arca nd crap my markets on nyse for no fee how will there be any liquidity on nyse?. so nsye will become another naz like msft and never move
yeah it'll dampen volatility but when a move does happen it'll be exagerated by the fact that all the chumps credit trading need to get flat.... I'm going to go broke taking liquidity on arca... arca is already one of the most expensive routes and now it's going to cost 3x as much.... mnx
i dont know, im still learning the nuances of the different markets, but there were several times when the liquidity inside the spread was gone and there were still prints. I saw the sweeping by watching the nasdaq totalview and the prints on the tape. the tick data from that 40 minutes was more educational then the last 2 months of trading for me.