Is the specialist system on its way out?

Discussion in 'Order Execution' started by gimp570, Sep 22, 2003.

  1. gimp570

    gimp570

    What does everyone think about all of this talk about getting rid of the specialist system. Is it going to happen? What time frame do you think we are looking at? How do you think this will affect NYSE day traders? Good/bad??
     
  2. the comptroller seemed to leave the door open, as did the talk of the technology expertise of the new guy... but i personally think its just the media digging for a story; too much power and money behind the specialist system imo
     
  3. burnin

    burnin

    if the volatility dosent pick up
    after gapping down the way it did and to sit in the pathetic range the way it did in the middle of september is a bad omen
     
  4. Tea

    Tea

    The specialist union will fight it.

    But like all featherbedding and shakedowns - people eventually get wise/tired of it and demand change.

    Heck, if New York City could break the garbage hauling monopoly from the mob related firms - investors can loosen the greedy grip of the specialists union from listed stocks.
     
  5. gimp570

    gimp570

    I think eventually it will change...but probably not during any of our life times...To many powerful people making big money with the Specialist system for any change to come about


    Z
     
  6. Are you serious, there is a specialist union?
     
  7. Tea

    Tea

    Same thing but the silver spoon goombas there call it an association

    The Specialist Association
    http://wsbear.com/tsa.pdf
     
  8. wow, that reads like the mission statement of the GOP or religious right...in fact, any kind of liberal-criminalizing organization....

    PURE DOUBLETHINK!!!
     
  9. I was wondering if some of you could give your opinions on the following.

    I hear all this talk about the specialist becoming fully electronic like the nasdaq because the Nasdaq is a much more fair market.

    In my opinion the big caps on nasdaq are sure more liquid then the nyse Stocks but what about stocks that trade 50,000 daily volume to around 750,000 daily volume. Are these stocks more liquid then the NYSE of comparing volume?

    Since i have not traded much Nasdaq i don't really know, but i have always had the impression that if you trade Nasdaq you better trade the stocks that trade more then 1000,000 shares per day.

    I apreciate your inputs on this matter.

    thanks
     
  10. It has been my experience that I can get fills at the nbbo on any Nasdaq stock, and if I don't like the nbbo, I can post a bid or ask and have it show up immediately. This has not been my experience with NYSE. I'll take the NAS any day. In fact, if I am looking at a new short term strategy, I look at NAS stocks, because I never know if I would have been able to get a decent fill on nyse regardless of what the chart shows.
     
    #10     Sep 22, 2003