Let's make a Naz model of the NYSE/AMEX

Discussion in 'Order Execution' started by bungrider, Jan 8, 2003.

  1. I had this thought earlier today...

    What would trading the naz be like if we were under similar restraints as with the listed markets??

    In other words, it would be interesting to make up a new model of nasdaq with a set of (somewhat arbitrary) rules to make it more like the listed marketplace...we'll call this imaginary place NICE-DAQ.

    These are the imaginary rules I have made up so far, and more are welcome...

    Imagine if:
    1) You had to post a bid or an offer and wait 5 seconds for that to be reflected in the marketplace.

    2) You had to wait 15seconds if you decided to cancel that bid or offer.

    3) You had to always show your true size, otherwise you had to wait an additional 5 seconds before you could add more size.

    More comments on this imaginary marketplace are welcome...especially since I didn't mention anything about ticks or shorting...let's take the worst of both worlds (naz and NYSE) and make something that reflects both...if anything, it'll give the MM's some ideas for the next version of SuperMontage...LOL :D
  2. i wish msft was on the nyse
  3. never.

    that's like a japanese cowboy. or a blizzard in georgia. or a train runnin' late...
  4. well we had snow in georgia already this year. trains run late all the time. and i saw a japanese guy in a cowboy hat on tv the other day so its not impossible. lol
  5. I would say no trading restriction.... no holds bar trading...

    Insider Trading, Market Manipulation, is all ok.

    As long as they don't have the companies falsify their reports, it's fine.
  6. yeah, but that's exactly what we have now in both markets...
  7. uptick rule

    PDT rule....

    there's rules
  8. 4) A "Pattern Day Trader" (as previously defined) must commit at least 200% of his marginable capital to any trade qualifying as a "Pattern Day Trade" under the PDT rule.

    5) A "Pattern Day Trader" who is unable to meet a PDT Margin Call (as previously defined) must day-trade all of the remaining cash in his sub-25k account exclusively in the options markets. No positions may be held overnight.

    6) Only specialists and market makers are permitted to short down ticks, and only when it suffices their need to "buy low and sell high" in order to mantain a fair and orderly market.
  9. alanm


    Sounds like the score was specialist:1, bung:0 today :)

    Your speed bumps were far too generous. How about 30 seconds for the order to appear and 30 seconds to modify/cancel?

    I tried to play with the ARO spec today, but he didn't want to play, so I took my marbles and went home :)
  10. that was jackie chan - he's chinese:p

    nothing is as it seems on NICE DAQ
    #10     Jan 10, 2003