nx question

Discussion in 'Order Execution' started by nylord1, Jul 18, 2002.

  1. nylord1


    Can someone help me out on this one? AIG today had 50k on the bid......I had a bullet up and went to hit the bid with an nx order. I' m left in the market with no fill .....the bid remains the same for over a minute....then bits and pieces go off on the bid (not one whole chunk). I call my clearing firm yelling and screaming because I STILL don't get a fill. The stock goes dow n over a dollar. They tell me my NX ORDER IS NOT VALID BECAUSE THERE WERE BETTER OFFERS AWAY FROM THE MARKET. What the F**K does that mean? the bid was there for over 3 min and when it got hit....it was in pieces...A friend who used to work on the floor with redi told me that the specialist can turn off the nx ANYTIME he wants to especially if there is a lot of orders overwhelming him and that he DOES NOT have to put a 1 on the bid to do that. WHAT GOOD IS THE NX ORDER IF HE CAN TURN IT OFF WHEN THERE IS STOCK AVAILABLE?. By the way for allyou listed traders....aig specialist is a motherless piece of sh*t. use market orders (he'll still print you with .50 slippage) to guarantee your fill. He traded through my limit order today too and that was another dollar. He trades BRL as well.

    Lets all sing together now: "SORRY, ORDERS AHEAD, BROKEN UP IN THE CROWD"
  2. Oh, cool. So it wasn't solely a matter of my incompetance that I've had my ass kicked by AIG last two days..
  3. nylord,

    NX orders can be sent to the book if they aren't able to be filled. One reason they aren't able to be filled is that someone beat you to the punch, or, the specialist 'froze the book.' They have 30 seconds to respond to electronic orders that go to the book.

    I didn't trade that stock. I traded about 20 others, though, and experienced the same thing on many. Both yesterday and today I was traded through and just plain ignored more times than I have been in a while.

    Mayyyybe there was something wrong with the software at the exchange or something....either that, or there was a RICO-able practice going on.

    Another treat was when I went to hit a bid (exit a long), see 900 shares go off at the bid, and I get filled -- are you ready? -- 40 cents lower. Of course the offer moves right back up and so I can't even think of grabbing a bounce....and, of course, the report back was, 'stock ahead, good trade.' Yeah. Good trade for you, bozo.

    I haven't had someone call the floor for months...I've resigned myself to the abuse. But that fill was so egregious that I had to say something. I also emailed the NYSE and the company about their specialist....a little venting is all.
  4. nylord...or anyone else...could you please tell me where you can find out which specialist handles which stocks? i hunted around the nyse website but couldn't find anything. thanks for any help
  5. I do google searches...you can locate specialist firms and they boast about who they handle...

    'XYZ NYSE Specialist' might work...or you can just hunt for firms and go through their stables one by one.

    Emailing the company's investor relations dept would work if you wanted to wait. I don't think you'll get the specialist's phone # though :D .
  6. mrktrend


    nylord, what I do sometimes is keep statusing the specialist for a market order that doesn't get filled. They really have no excuses for not filling a market order especially when it comes to the big-cap stocks. The print goes off every second. JNJ is another one of those a**h*** specialist. I remember one time I statused him about 50 times before my market order finally got filled.
    And can someone translate all those excuses they come up with in English? I've already given up on calling the exchange and complain.
  7. yeah, sometimes a barrage of statuses will get you the fill...he's busy with another stock or something and the nx gizmo is in 'sleep mode.'
  8. thansk chasinfla.... i've done that, but i was thinking more along the lines of the very same specialist, not just the same firm. like specialist at say post 7 handles abc, xyx, etc....someone once said you could get that off the nyse website, but i haven't been able to find anything like that.
  9. nylord1


    You can go right on NYSE.com and go on marketrac......they will give you a 3-d view of all the posts and the specialists.....

    Chas....empty your pm box

    Also: The reply from redi was not that orders were ahead.....it was "There were better offers away from the market" I don't know whether he meant there were better offers below the inside quote (which doesn't mean anything because nyse direct is supposed to act like an ecn and fill you if the stock is available on the bid.) or he meant that there was some type of cross. I asked him what was the point of the nx....maybe next time ill put in an nx order at zero....maybe that'll be good enough to get a friggin fill. The slippage the last couple days on all types of orders have been terrible when the market is running.
  10. ahhhh...much obliged. i got it. one more quick question. i see that the specialist you were referring to handles AIG, NLY, and BRL. it doesn't matter all that much, but can you also tell from this site the name of the specialist company. i know you can hunt down this from other sites, but just wondering. i don't see it there on market trac. thanks for the help.
    #10     Jul 18, 2002