Not on the BId or the Ask

Discussion in 'Order Execution' started by erd0c, Jul 9, 2007.

  1. I trade primarily NYSE stocks as well, and have been "all encompassing tape reading" for quite some time. The only point I was making is that trade throughs are allowed with the hybrid system when the Specialist takes over manually.

    From the NYSE: Slow Market
    The market becomes “slow” or converts temporarily from a Hybrid Market to an auction market so as to enable specialists, floor brokers and customers to interact with quotes and orders manually, with the objective of enhancing liquidity, reducing volatility and discovering price. Certain market conditions temporarily trigger a slow market, including gap quotes, trading halts or reaching LRPs. The slow market can be traded through.

    Don
     
    #21     Jul 16, 2007
  2. 100% agree with you. I completely forgot about slow market, when specialists have to step in and provide liquidity.

    Here is an example of LPR triggered on DJ 06/21/2007 @12:15:17pm:

    ...
    12:15:18 61.29 x 61.30 1 x 4
    12:15:19 61.29 x 61.30 20 x 4
    12:15:19 61.29 x 61.30 1 x 4
    12:15:20 61.29 x 61.30 20 x 4
    12:15:20 61.29 x 61.30 1 x 4
    12:15:26 61.29 x 61.30 20 x 4
    12:15:26 61.29 x 61.30 20 x 1
    12:15:27 61.29 x 61.30 1 x 1
    12:15:28 61.29 x 61.30 20 x 1
    12:15:29 61.29 x 61.30 1 x 1
    12:15:29 61.29 x 61.30 20 x 1
    12:15:29 61.29 x 61.30 1 x 1
    12:15:31 61.29 x 61.30 20 x 1
    12:15:32 61.29 x 61.30 1 x 1
    12:15:34 61.29 x 61.30 20 x 1
    12:15:34 61.29 x 61.30 1 x 1
    12:15:38 61.29 x 61.30 1 x 1
    12:15:39 50s60.96
    12:15:41 7s60.76
    12:15:47 96s60.29
    12:15:56 60.16 x 60.25 6 x 8
    12:15:56 60.11 x 60.25 5 x 8
    12:15:57 60.11 x 60.25 5 x 12
    12:15:57 60.12 x 60.25 1 x 12
    12:15:57 60.11 x 60.25 5 x 12
    12:15:57 251s60.57
    12:15:57 60.11 x 60.15 5 x 4
    ...
     
    #22     Jul 16, 2007
  3. erd0c

    erd0c

    Thank you for your email. Trades that are negotiated between institutions or are
    reported late are two examples of how a trade might not execute or are reported
    outside the bid or ask. Please let us know if you have any further questions
    regarding your account.


    Sincerely,

    Jon M.

    Scottrade, Inc.

    www.scottrade.com

    www.ScottradeElite.com
     
    #23     Sep 10, 2007