I just wrote to NYSE Re: Direct+ rule change

Discussion in 'Order Execution' started by dalegrief, Mar 16, 2003.

  1. This direct + rule change will really hurt me if it goes through. Since I only scalp listed stocks, this rule change along with all the other possible order execution changes, may force me into switching to the NASDAQ. BUt I'd rather not.

    So.. I just sent a email to the NYSE via their website, letting them know I am a professional trader and that I do 600,000 shares a month. I said the rule changes were upseting and forcing me and many other listed traders I know to think about switching from listed to NAsdaq.

    I have no idea if this is the best route to be heard to the NYSE decision makers. And I doubt this will have any impact, BUT we listed scalpers who feel this way MUST make our voice heard! It is the only chance we have. And it feels good to let off some steam to the people in charge.

    I realize. or conjecture that the reason for the rule change is directly related to specialist firms making less money lately and I'm sure they have been letting the NYSE know they are upset. We must do the same! Now I have no idea what kind of effect that NYSE traders, small proprietary traders like me, have on the total volume of the NYSE but I suspect if enough of us pulled out, it would be significant.

    Anyway, I'm rambling, but I hope more people do the same, or at least give me some feedback.
  2. i say go for it. but, i still haven't heard about the one (out of hundreds) of trade throughs I actually documented and wrote to market surveillance about... let's see, that was in November '02, or perhaps October.

    so be prepared to be persistent.

    you can make money without NX.

  3. Good job bud!!!

    We have to do something, but me and you are not enough. An i dea would be for the major firms to voice there opinions because if they lose traders they lose money as well!

    Hey Don lets see you flex your muscle!!!! We are counting on you to help out your traders and your own best interest as well. I know many traders who trade with bright and this will effect there total profit and there total volume in a massive way. So lets have many traders email and the firms start making some noise. I think if we can get our message accross before the rule change is actually in effect, we will have a way better shot!

    We can do it! Lets be heard!!!
  4. DodK


    What is the exact proposed rule change?

  5. They ar considering turning off NX if the NX print will be 5 cents away from the last print. At least that is my understanding of it
  6. thats retarded....whats next, if the liquidity quote is 10 cents away but the inside is 100s and 5 cents away from that, then the specialist will send moose and rocco to you trading station, give you a swift kick in the balls and lift your wallet...
    are those specialists just still bitter about the NX...i would rather concede the NX if it meant price improvement the old way vs. the new proposed liquidity way...
  7. The NYSE isn't all bad. The stock shown below is TGT, the marked order is where some idiot sold almost right at the (mini-)bottom. That idiot was me (hit the wrong key), but what you don't see is that my limit was 29.12. The day a mistake like this costs me .02 more than it did will be the day that the NYSE will have no advantage over NASDAQ left. Until then I guess lots of scalpers will keep preferring NYSE over NASDAQ.

    Time Last Bid Ask Volume
    03/17/03 15:04:12 29.15 29.14 29.19 200.00
    03/17/03 15:04:05 29.18 29.14 29.19 600.00
    03/17/03 15:03:59 29.14 29.14 29.19 0.00
    03/17/03 15:03:57 29.14 29.14 29.15 0.00
    03/17/03 15:03:55 29.14 29.14 29.14 400.00
    03/17/03 15:03:51 29.15 29.14 29.14 0.00
    03/17/03 15:03:49 29.15 29.14 29.13 0.00
    03/17/03 15:03:49 29.15 29.13 29.13 0.00
    03/17/03 15:03:42 29.15 29.13 29.14 3000.00
    03/17/03 15:03:42 29.13 29.13 29.14 0.00
    03/17/03 15:03:40 29.13 29.13 29.15 100.00
    03/17/03 15:03:36 29.15 29.13 29.15 2700.00
    03/17/03 15:03:33 29.14 29.13 29.15 0.00
    03/17/03 15:03:30 29.14 29.13 29.16 700.00 <-----------
    03/17/03 15:03:28 29.15 29.13 29.16 0.00
    03/17/03 15:03:28 29.15 29.15 29.16 0.00
    03/17/03 15:03:26 29.15 29.15 29.17 700.00
    03/17/03 15:03:23 29.16 29.15 29.17 0.00
    03/17/03 15:03:20 29.16 29.15 29.17 3000.00
    03/17/03 15:03:15 29.16 29.15 29.17 2900.00
    03/17/03 15:03:08 29.16 29.15 29.17 100.00
    03/17/03 15:03:05 29.17 29.15 29.17 0.00
    03/17/03 15:03:04 29.17 29.13 29.17 100.00
  8. not trying to split hairs or rip you in anyway, but .02 improve is nothing to write home about...i had a 20 cent and couple 20 cent improves yestrday in stocks that still trade "the old way"

    and btw... its SUCKS when you hit the wrong button, or even better i had one today i hit the mouse so hard somehow it canceleed it out, and i didnt get my order in when i thought i did and it was just being slow...
    #10     Mar 18, 2003