I favor NYSE as well. Yet, we'll only hear about peaches and cream from Don about the NYSE. We both make money down there. MY ISSUE IS THE WHOLE PRINCIPLE OF THE MATTER.......I guess Don doesn't care, as long as he makes his two cents.
True, and the wonderful market makers that must replace the specialists will be so much more wonderful and honest to deal with (obvious sarcasm).
Their personal accounts is necessary in order for them to help provide stability and liquidity. What would you propose to replace this?
And when they do switch, people will miss the specialists when they see how much worse MMs are. And many MMs have been fined, even though investigating and proving their abuses is often much harder to do.
Been bitching for some time now about the Nasdaq black box MM's, hedgies , et al, controlling the inside and manicuring prices to the penny. Now they took away the 1/10 cent ISLD orders, so getting filled on the inside in front of a large order is much tougher. That said, there is still plenty of room for reading the tape, levels, and other applications of the black arts. Don't trade NYSE , but it sounds like you guys got used to an easy game that's been/being unwound on you. Happens. Get those Opening Orders in early!
I haven't traded the NYSE (or individual equities) for a while now, and I decided to buy a "company" as a longer term investment. I figured it was only 500 shares and I would just pop in a market order near the open... the wonderful guy on the floor lifts his offer and I end up getting filled almost .60 out side of where I should have been... I was pissed, I guess I paid his tab that night.
Commission from working orders at reasonable prices since they are the center of the huge majority of volume. Specialists do work the biggest institutional orders for some very hefty commissions. For their inventory I think their goal should be to break even. They should be great traders not a special club. More regulation would be nice too. Their described and supposed job is mostly opposite of what they actually do because of that order execution power combined with greed. Liquidity, best price? Huh? Or replace them with computers and go to nickels, hehe.