No more bullets per sec

Discussion in 'Order Execution' started by Turlo, Nov 18, 2003.

  1. Totally fuckin agree, its an election year comming up, Pressures on all government agencies ... for the equities to crack would be the kiss of death for Bush and his administration.

    #31     Nov 18, 2003
  2. Oh you mean conversions? Bzzzzzzz wrong, those are gone too.
    Thank you come again.


    #32     Nov 18, 2003
  3. jem


    I read it similar to you Archangel -- when read with a desire to have conversions. I think there is room to negotiate that ruling. But since I no longer have any say at a firm my read is not worth much.
    #33     Nov 18, 2003
  4. zdreg


    just another trader who couldn't adjust to narrow spreads eh laddie?
    even some big successful traders agree with you.
    amazing how many people believe they are part of establishment and deserve an edge
    #34     Nov 18, 2003
  5. zdreg


    using standard exchange options will be usable for prop traders
    because they have always been used to reduce capital requirements of firm. I do not recall if you can short without an uptick if you are a bd who is holding a call position. my gut says it was yes.
    #35     Nov 18, 2003
  6. yup, I'm glad you guys also recognize this for what it is.
    #36     Nov 18, 2003
  7. The sec should be ashamed. They are doing everything humanly possible to make it hard for the little traders.

    This really sucks. Many firms will suffer due to this.

    Can we all complain together and have this rule overturned?Somehow i highly doubt this will happen. They slap us around and bend us over and we just take it and say thank you i needed that.
    #37     Nov 18, 2003
  8. Not really a bullet thing but saw this a few days ago.

    Price-Fixing Scholar Urges Nickel Tick

    Traders Magazine News Services (Nov. 18, 2003)--- The influential academic whose research led to the order handling rule says it's now time to reform the U.S. equity markets again -- with a nickel minimum price increment. About ten years after Professor William Christie's research with Paul Shultz produced evidence of price collusion on Nasdaq, Christie now says the changes brought about by decimalization are not working. The penny tick, he says "has destroyed the critical roles played by price priority and limit orders." His latest campaign, he told Traders Magazine, is not about price fixing, "Our previous research was intended to restore price competition," Christie says. "The current debate concerns the costs and benefits of two tick sizes that didn't even exist in 1994."

    At a time when regulators seem preoccupied with other reforms, Christie, professor of management at Vanderbilt University, nevertheless says he wants to be part of the decimal debate. He contends that a nickel minimum increment would likely "make it far more costly to step in front of existing limit orders, potentially increasing the frequency of limit-order submission and associated depths. Trading costs for largest institutions could well decrease as their search for liquidity becomes is now easier." Christie adds: "My concern is that the pendulum has swung too far towards the smallest of investors. Moving the tick size back to $0.05 seems a reasonable tradeoff that I hope the markets and regulators will seriously discuss." Christie expands on his latest opinions in the November Issue of Traders Magazine.
    #38     Nov 18, 2003
  9. shneed


    I wonder if there are any exchanges that trade equities throughout the world that allow shorting on downtick.

    #39     Nov 18, 2003
  10. Are any of the providers of bullets fighting this decision? I remember when NASDAQ took away Super SOES for Montage they delayed it a few months because some of the ECNS had problems with it. There must be some away to appeal or some sort of injunction these providers can bring up in court or arbitration, as a few firms may go out of business

    #40     Nov 18, 2003