NYSE hybrid update

Discussion in 'Trading' started by Steelhead, Apr 26, 2006.

  1. My god is this a disaster. The specialist keeps everything 50 cents wide and the blalck boxes penny each other to death all day with noone knowing the true liquidity or being able to get any size off anywhere near the bid/ask. Nice work. Futures trading here i come.
  2. Steelhead, would you please clarify what you mean by candy canes? Furthermore, could you please give me an example of a certain stock that moved 1 way for years and now moves differently. I've been trying to fish for info from traders on other threads about Reg NMS and Hybrid and either everyone...

    1. has adapted after 1 week
    2. does not notice it since the differences are so minute
    3. denial that these trading patterns are here to stay and are still playing specialist reading game.
  3. I think he means the 1x1 ecns on these hybrid stocks now., correct me if i'm wrong.
  4. Dustin


    Unfortunately I have noticed significantly worse fills since the change. I'm used to abuse from these guys, but it's so bad now that i'm forced to start trading other methods also to keep my income level.
  5. Well from reading the link provided it looks like the nyse is currently rolling out phase II of the hybrid. So they have yet to relax the size and time restrictions on nx, etc. I just wonder if things are going to get better or worse for us listed traders with each additional phase?

    Keeping fingers crossed here,

  6. dustin,
    A mainstay of excellence here on ET.....

    the party is over, Thain and GS imo has created a new ball field
    for their circle.

    Good luck going forward
  7. Price improvement/discovery should roughly go to about 0.

  8. Steelhead Wrote:

    A mainstay of excellence here on ET.....

    the party is over, Thain and GS imo has created a new ball field
    for their circle.

    Good luck going forward

    Hey public co,s gotta make public money....

    This means that the ARCA theme is going full circle...ARCA entered the market by efficiency...and after it got what it was after....efficiency was relaxed...ARCA is a different animal now to the degree that its technology has been slanted to the NYSE...

    This move may lose them market share to Nasdaq...if indeed it can be proven that trade friction has increased....

    They will not make more changes towards efficiency to the public until they have to...question is...who is left to make them do it...
  9. bdon


    I would agree that my fills are horrible lately, I also read in the article that the fill rate is quicker, but I seem to wait forever on market orders lately.

    GAtrader your style of trading may not have been affected but I know plenty of folks styles of trading have been adversly impacted. Don't belittle that fact with your superiority complex.

    The market always changes and we all need to be able to adapt, but this change seems to have brought the specialist more power instead of taking it away, maybe not in all stocks, but certainly in ones trading under 2 million shares a day.

    Do you think if I emailed those guys in the article my concerns they would reply?
    #10     Apr 27, 2006