I think NYSE will collapse because of the rebellion of the specialists and MM against modernization of the NYSE.
This thread is funny. In the summer of 2002, EVERYBODY who traded Nasdaq started trading NYSE. "NASDAQ IS DEAD!!!!!" Fast forward to Spring 2004... The Nasdaq gets a few moonshots (TASR, MAGS, IPIX, MACE etc) and it's bye-bye NYSE. "NASDAQ IS BACK!!!!" Pick your poison. You can either battle with the specialists on the NYSE or battle with the computer programs on the NAZ. Either way, nothing is free.
The naz is an asylum. Timing is everything. Consortiums of kitemeisters everywhere, pulling the plug at a moments notice. If you don't have the latest playbook , complete with l2 signals, you are just guessing. :eek:
I forgot to add "for me". Because I made some backtests and the NAZ stocks give more profit. The other reason is with the not so easy availability of NYSE quotes (delayed), and practically no accurate L2 data. So, for me NYSE is indeed "dead".
At least the computer programs at NAZ play on an equal playing field as the trader---even if you don't see them coming. The NYSE spec. won't even pass ya the vasoline, as he f*cks ya! Totally different markets?-definately. At least the Naz MM's are SUPPOSED to make a buck off ya ---& if your trading ON THE INSIDE with the ECNs...then they're the most fair of all .
Both L1 and L2 is there, but what they show is delayed and mostly only a snapshot. I guess they are updating them only when the specialists finds time for it...
If you don't have superfast quotes, don't even think about trading the NAZ (Unless you are swing trading).
Well for NYSE, bullets were basically easy money for the ones that were trading them first. Being able to destroy stocks for points with a group of 5 guys was AMAZING money. But then came decimalization, 5 cent rule and 100s of newbie traders that kept copying the style. And then bullets were gone, so bye bye NYSE fun. Naz has real MOVERS & real volatility, something NYSE will probably never ever see again. You either take big risks for big rewards on Naz or trade NYSE where you are guaranteed to get straight out jacked by the specialists every so often (no risk by the way, you just lose money in those transactions). It's up to the trader. Personally, I have come to believe that trading NYSE is a waste of skills and talent since the specialist thefts are in no way worth the crappy volatility NYSE offers. It takes skillful positioning to clip 50+ cents on NYSE, yet a simple crappy short fill will screw out of more than that in a jiffy.