The specialists "clear" as they deem fit to the their P/L Price improvement is disappearing. Orders are getting "held" Orders are getting ignored. Spreads are becoming more "artificially" inflated. Trades are occuring before your limit. etc. The system works... works for the specialists. As he squeezes more money from the trader...
Just for the record...even nx orders can be ignored....don't know the loophole, only know it happens. It happened this am. (CAT, I think it was). Must be the 'fast market' clause.
I spoke to a guy whose cousin used to work for the brother of a Specialist. He assures me they are honest and hardworking, good guys. I for one NEED to believe this for the alternative is not a valid scenerio for my long term financial and mental health.
I absolutely 100% agree with this statement.... i don't know how he does it but sometimes my "nx" orders don't work on TXN. he definitely has figured out some way to freeze "nx" orders 3 or 4 times a day...he is such a puff.
I know several, and they are as you describe. If nothing else, they certainly don't want to riks their cushy, high paying jobs, just to try to screw one of us out of a couple thousand shares. Some are better than others, some have better clerks and ocmputer order routers, but most are pretty damn good in my opinion. I think everyone should visit the exchange and see just how hard these guys work....it is absolutely amazing! Don
"I know several, and they are as you describe. If nothing else, they certainly don't want to riks their cushy, high paying jobs, just to try to screw one of us out of a couple thousand shares." SPECIALISTS WILL NEVER BE IN DANGER WHEN SCREWING OVER A RETAIL TRADER. I HAVE HEARD ALL OF THE "EXCUSES" GIVEN BY THE SPECIALISTS, ONCE YOU HAVE BEEN SCREWED. WHO HAS SEVERAL HOURS TO FIGHT A LOSING ARGUMENT WITH THE NYSE? YOU CAN'T WIN. NOW THAT'S THE FACT. risk their job? get real... ha ha ha
here's another bizarre phenomenon of all this whiz-bang technology: I don't know if it's owing to my quote provider, my OE system, or what, BUT... Say a stock is 32.10 X 32.18. If I pop the symbol into my OE which will autoload the bid/offer according to my intended execution, I may see the offer show up in the OE as, say, 32.15, even though the posted quote is 32.18. I have gotten filled at these prices (though they of course make me suspicious). It's like an invisible quote. I use AT, and I know they can get weird, but honestly, the posted quotes, other than freezing up once in a while -- and when that happens, it happens accross the board -- have never acted unusual. Other than this, I think. I believe the specialist has a way of putting an invisible price on NX and posting another. Remember, "you're not paranoid of they really are out to get you."
I was being sarcastic. Sure they do a great job. But, why would they need to expand on the rules and play the freeze the book game among others. Why not play it straight so to speak? I trade listed, don't get me wrong, but jeez to defend these guys as the greatest thing since sliced bread is a bit MUCH.
You're right, I am not saying that they are angels or anything...and some are definitely jerks (not just their fills, but their arrogance)....but the job is pretty hard, and most are pretty fair...
i enter a market sell of 300 sh of a thin stock (there are 300 at the bid). no trades. this honest and upstanding American, 38 seconds later, prints exactly three hundred shares. I get no fill. One minute and 50 seconds later, after several unacknowledged 'status' requests, I am filled at the next print. 15 cents lower. I'm still waiting to hear today's excuse from the floor.