Message to Instinet Customers from their website ... "October 1, 2002 Temporary Trading Suspensions At the end of September, Instinet triggered volume thresholds in SPY and certain other small-cap listed securities that subject Instinet to regulatory requirements regarding public display and access. We had hoped to find a workable solution that would enable us to continue trading as normal while we come into compliance with these requirements, but we learned late yesterday that this would not be possible. Therefore, Instinet will temporarily suspend trading in these securities as of today. We will continue to work towards a solution that satisfies the needs of our customers within the parameters of the current regulatory framework and we will communicate more when we have additional information. If you have any questions, please call your Instinet representative."
What the hell is going on? I thought this might have been a joke at first until I looked. So unlike island, which does not show up but is still there, inca is just not there anymore. AMEX and SEC can go to hell. If anybody is still trading these, please post your experience with getting fills now and if it is still worth trying to trade them in the new environment.
Yes, futures are the way forward for ETF traders... and if regulators start screwing with US futures, then trade European contracts... First decimalisation, then the $25k rule, then ETF display constraints, then supermontage.... stocks are becoming pretty user-unfriendly... the regulators are doing their best to castrate the little guy while simultaneously obeying all requests of the bigger guys...
What's with all this F_in' bullshit!!! Are regulators trying to kill the capital markets? All these nonsense regulations and changes. The little independent guys get the shit squeezed out of them while the big boys seem to get more protection. Are the regulators F_ed' ?! I guess they (regulators) are forgetting that it was all these 'big boys' that just juiced the public for billions, and here these morons are trying to strengthen their position in the markets. Somebody needs to give the clowns at the SEC et al an IQ test! As far as market transparency goes... you want transparency and fairness?.... open the markets up to everyone! Cut the bullshit and regulatory burden which only stand to shroud the markets in mystery, create opportunity for entities to construct complex 'schemes' and basically confuse the hell out of the average person. Some much for Capitalism and Free Markets !!!!! Whew, well there's my rant for the day. Boy I feel better now!
I trade the SPY's (still). I traded them again today but I quit right before our President decided to reinforce in everyone's mind the idea we are still headed for war....(IMHO one reason for the sell off) The spread falls out quicker than it ever has since I've been trading them. I have switched to Redi. I tried ARCA, that didn't work. I NEVER go to AMEX anymore. I have tried to hit their bid (even below their bid). The spec NEVER honors his spread and if you try to cancel he'll hold it till the last second and send you your fill if it favors him. Its funny, I've never got a fill back after I tried to cancel that was in the money after his 90 seconds was up. The only good thing is, if you are fading the trend or trading tick spikes, you'll get a lot more extreme fills from scared money then you would ever get when Island was playing. The Flip side... if your wrong, you won't catch any slack getting flat.....
i said this in another thread...with all of the volume going to redi, it will of course, be the next to go.....and ARCA and so on....until you are left with AMEX only. pretty smart of them actually....even though total volume will nose dive, the volume on AMEX will still be above what it was with all of they ECNs.
Money talks ( to the SEC and politicos) all else walks. The thieves have the money, the politicos want the money, what else is there to say.