Is this legal?

Discussion in 'Order Execution' started by graeco, Aug 21, 2002.

  1. size

    size

    I noticed this happening to me when I sometimes position trade through Fidelity. I once placed and canceled a bid five times in a row (listed stock), and each time the shadow bid one cent better - appearing and disappearing in tandem with me. Annoying? yes; Illegal? no. Just a fact of life in the markets.
     
    #21     Aug 23, 2002
  2. specul8tor

    specul8tor Guest

    i get the same with waterhouse

     
    #22     Aug 23, 2002
  3. graeco

    graeco Guest

    J6P cant tell the difference between raising the bid and first in first served.Man I have contempt for those fools who dumped that crock on me when I was a kid.I must look on the bright side.For the rest of my life I will be able to find stocks to short because of wall street crooks.

    Let the games continue.
     
    #23     Aug 23, 2002
  4. smokey_mcPaat

    smokey_mcPaat Guest

    why would you even trade in a bullshit account like that? you gotta get with the times man, or we will eat you alive :D :D
     
    #24     Aug 23, 2002
  5. canuck

    canuck

    I see that stuff. But what pisses me off is a MM with 999 or 500 on the bid or offer, and lifts his bid/offer after one or two hits of just a couple thousand shares. You can see nothing crossing the time and sales, but this guy keeps playing these damn games. Why is nothing done about that??? It's not once or twice, but everyday.
     
    #25     Aug 23, 2002
  6. Tell you what, hit the MM for the full 999, and if he doesn't fill, then file a complaint.

    They are allowed to move the market after a smaller fill. 999 to bid or ask does not mean they will sit there until that amount is taken.

    Geeze.
     
    #26     Aug 24, 2002
  7. I think they call that market making ...
     
    #27     Aug 24, 2002
  8. ciggie

    ciggie

    no matter, if you know that is happenning and want to short a stock , then post an offer let him better your price and hit his Bid and make it hurt( make it a size transaction) then you'll see if he wants to own or sell. knowing that is happening could be an advantage to you :)
     
    #28     Aug 25, 2002
  9. graeco

    graeco Guest

    What the MM's bid and offer does not guarantee anything.Only the ECN's can be trusted to deliver what they are bidding or offering.
     
    #29     Aug 25, 2002
  10. I have seen this lately - usually INCA though matching your bid or offer or beating you by .01. I even have a computer program that will do this (I dont currently use it). They do it so fast, so yes it certainly seems automated on their part.

    Try this - offer when you really want to buy (or vice versa) - when they match or beat your price - take out their order! Make their little program work for you. I have gotten alot of .01-.06 price improvements this way lately.
     
    #30     Aug 25, 2002