It's a shame that the NYSE could not or would not allow electronic cancels from the book. With electronic cancels, NYSE Direct becomes a viable alternative to ECN's for listed stocks. However, being subject to the whim of the specialists in allowing your order cancel, the NYSE Direct system is limited to only marginal value, allowing the trader to remove liquidity only, assuming the posted quote exceeds 100 shares. Pity. Go ARCA exchange... Hopefully, ARCA will soon become a viable, and 'fair' alternative trading route for listed orders. -Eric
i love the nx order type. it depends what firm you work for when using nx. for example worldco has all their traders in the same prop account thus all being subject to the same 30 sec rule. in other words if there is stock available on the offer and if someone in worldco nx's the offer, no one else in wordlco can nx the offer b4 the 30 second time frame is up. they dont have real nx at worldco.
st0ckdude, you work at andover? Did you work at Worldco? Aren't all prop traders at any firm ultimately trading the firm's account thus subjecting them to the same combined factor?
That's a good question. Don how does NX work at Bright Trading? Can your traders each send their own Direct+ orders within a given 30 second span? Or do all your traders have to wait 30 seconds after one trader sends an NX order in a given symbol? Thx!
yes i work at andover and did work at worldco. andover sets up each trader with an idividual account. at worldco its one account for everybody. worldco is the only place i know of that does this.
i used to use NX exclusively, but in the last week or so, i'm starting to think EX orders are better in some cases. for example, say your long and the offer spreads up 60 cents and you know that a block print is forthcoming. i've noticed that if i put in a NX sell limit exit in the middle of the spread somewhere, and unless i'm super quick putting the order in, i will not get filled on the block print that goes off above my sell limit (i'm talking about a block print that goes off ABOVE my sell limit AFTER i put my order in). however, if i send a market order to the booth (riskier, because he can print you at the offer), i will get filled on the block print. anybody know why this is? by the way, can i complain and get a better fill on this since my order when in before the print??? using NX, literally cost me 35 cents on that fill today, as the price came right back down. from recent experience, i believe if i had put in a EX market order, i would've gotten out on the block print. i think it's a tool like any other, and you have to know when to use it and when not to. unfortunately, i don't know everything yet. i ordered the NYSE rulebook, so hopefully that will talk about 'freezing the book' and such, but i doubt it.
dafugginman, NX is a marketable limit order (against the inside quote) only, if you split the spread you automatically go into the specialists limit book. Nx is not used in this situation.
ok. why do you think, if you do, it is more likely that i'll get filled on a market order on the block print, but not a limit order?
No reason to get upset, I was just trying to help you understand NX. Market orders take prescience over limit orders. I get filled both ways, but yes I will get filled more often with the MKT order. You give the specialist more opportunity/control with MKTs.
upset, nah i wasn't upset at in the least bit. sorry if it somehow came off that way. i knew you were right, i was just curious about why. thanks for the help. one more question, why do you think he doesn't he have to fill me at the block print? is this because he has two minutes to fill the order. at the same time, i thought that's one of the keys to new york, that it can't trade through your order.