Anyone think that the specialists and floor brokers having the ability to post reserve orders will change the way nyse stocks trade? I guess both the spec and floor brokers will have the ability to quote 1000 shares and refresh that bid (or offer) up to their reserve amount. So they could sit there and sell 20000 shares at 1K per clip. I would just rather they showed the entire amount, etc. I really hope this doesn't turn into nasdaq... Thoughts? -Guru
They pull that shit right now....you look at the book and there is no stock maybe a couple hundred shares, and out of no where the specialist prints 10 or 12k shares. You never see the buyer or seller coming into the market.
There are a couple of threads here about Reg NMS. Basically the specialists will have much less power now to hold a stock captive since cancel replaces will be automatic ala naz.