NYSE executions

Discussion in 'Order Execution' started by ScreenLocal, Jul 26, 2006.

  1. What's the best way to short 10,000 to 30,000 shares on a NYSE stock that trades around 15 million shares a day.
    Should I send market sell orders to the specialist. Or do it all through OpenBook. And how about the downtick rule, when I send a market sell order to the specialist to get short. How does he fill me.

    Any help is welcome.


  2. Why are you making a naked short $1,000,000 trade...
    When you have to come here for basic information?
  3. bdon


    a market short order on a non sho stock will be in the open book on the plus tick stepping down until the order is filled.

    In a sho stock it will fill like any other sell market order. LIKE SHIT! Though on a stock that trades 15million you probably will be fine.

    Use the ecns and collect the rebate.
  4. If I have 100k F to short I usually use ARCA lock it down a penny and put 50k on the floor and give the broker a low so I do not lose the uptik
  5. I'm used to NASDAQ trading and filling this size in NASDAQ stocks.
    I'm starting to look at NYSE stocks too, so I have more trending stocks to trade. But I don't really know how the specialist system works.

    I'm used to taking $ 1,000,000++ naked shorts. So don't worry about that. I just need more information on order execution on the NYSE.

  6. Hi bdon,

    thanks for you reply. What exactly do you mean with a non sho stock and a sho stock?

    Another question. When you send an order to the specialist, can you still cancel it then?

  7. It is scary that people KNOW NOTHING ABOUT THIS... please stick to your day jobs...
  8. bdon


    a sho stock does not require an uptick to short. you can obtain the list of such stocks on the nyse's website.

    you can always cancel an order, but if the specialist has already paired it, he/she most likely will fill all or part of the order. Its basically up to the spec to honor the cancel.
  9. qazmax


    For a NYSE listed stock that trades 15 Million + you can just send a market order to the specialist or call it to a floor broker and you will not experience much, if any slippage.

    NOTE: In extreme market moving days you may want be extra cautious. (Sounded so lawyer-ish...)

    Get a feel for the average size of a trade (watch time and sales) and the average size of the displayed market.

    If you are new to a stock simply send an amount you are confident with and then increase the order size to test the specialist until you get to your ideal order size or slippage begins to occur.

    Even on the very thin stocks you may be better off taking the slippage on a large order than slowly trickling the order in. If the specialist is the only volume they will see you coming and it could hurt worse trying to go slow.

    I forgot the original question.... now I am just rambling...
    happy trading...

  10. Let me tell you one thing. I gave up my job for trading about 2,5 years ago. And am now trading fulltime. I only had 8 losing days so far this year. And am making a lot of money. So don't tell me to stick to a dayjob, because I don't know the ins and outs on NYSE. That's why I'm asking people to help me out.
    But people like you that can't even answer a simple question about something you imply to know so much about, are like a disease on these boards. If you got nothing usefull to say, then don't post.

    #10     Jul 26, 2006