I am not talking about "front-crossing" or cross orders. I wrote this before: I am not talking about cross-orders. I am talking about front-running. I don't have time to explain to you how front-running hurts customers. You should be able to research this for yourself using Google. Any experienced trader knows that front-running hurts the customers whose orders are front-run. Please do some research.
No offense Jim, I know you can talk hours about corrupted specialist system But you don't hear me. I do know that front-running hurts customers, all I'm asking is a statement from rules that states legitimate scenarios. IMHO, Rule 72 doesn't say anything about front-running unless I'm missing something. Please prove me wrong. Is there any former NYSE specialist/clerk on this board that would help us figure out this question? NYSE rules are notoriously complicated and it would be very nice to hear the truth from the closest source. Thanks!
Well, I don't know any other way how to modify an accepted order except cancel/replace Of course you can cancel the order and send a new one, but you don't want this...
This issue was debated to death a long time ago, by myself and others. A former NYSE specialist, with ET name cstu, confirmed that I was correct, and that under some circumstances, floor traders can legally front-run public customer orders entered at the same time price and prior in time. And yes, you are missing something. Rule 72. Rule 72 proves that you are wrong. Hint: Rule 72 does not contain the phrase "front-run".
Jesus, man, I've already asked you two times to state where in Rule 72 the floor brokers can step in front of customer orders and take the liquidity, so the net result would hurt the customers. All you do is keep telling me that I'm wrong. Best regards and thank you for your time.
The whole rule! Maybe if you can tell us which part of Rule 72 you don't understand, I'll have time to clarify it. I certainly don't have time to explain the whole rule. Summary of Rule 72: priority of bids and offers, at the same price on NYSE, is NOT based on time. It is based instead on a very complicated set of rules, set forth in Rule 72. Note: public limit orders on the specialist's public limit order book do compete with each other in a strict price-time priority, but they do not receive price-time priority against bids and offers from floor brokers. They compete with floor brokers according to the scheme set forth by Rule 72. Note also that the procedures actually followed deviate somewhat from Rule 72, as was explained by our former specialist friend, cstu.
Rule 72 Narrative: http://www.nyse.com/Frameset.html?displayPage=http://rules.nyse.com/NYSE/Help/Map/rules-sys74.html More: http://rules.nyse.com/NYSETools/Exc..._1_3_4_11&manual=/nyse/nyse_rules/nyse-rules/ Don
also, on IB if you submit a limit order on SMART where does that go? Seems to me the last place you'd want it to go is the NYSE!! Would you say that submitting an order via SMART is a good idea? What's the best way to submit a limit order?