NYSE market orders near the close (not MOC)

thats gotta be huge adrenlaine rush to wait right before the close with seconds to spare.

 

What is LEHMAN's role in this?
LEHMAN is not a Specialist firm on the NYSE.
(A Marketmaker on the NYSE floor = SPECIALIST)

I thought CYBERTRADER cleared through Penson Financial Services.

Way too much confusion on this story, and it turn's out you lost money by squawking, hey at least you learned something, I hope.

cheers,

el Surdo

 

Yep, I think Cyber uses UBS for their Dot now. If it goes to Lehman, maybe it didn't go to the NYSE. Might of went to the Lehman mm's. or Your order never made it to the NYSE on time, it may have gotten there after the market closed. Sometimes their network gets busy and the order won't make it. SCH was known before for their slow dot network in the past. With 5-10 second delays.

 

Maybe these slimeballs shop your order for 5 seconds for an in house match before it gets excecuted. Knight was famous for this a few years ago.

 

Major Bank Consortium to Launch New Crossing Platform

by Peter Chapman

Make room for another alternative trading system.

A group of five major Wall Street firms is launching a crossing system called Level ATS intended to help broker-dealers trade large blocks. The new “dark pool” joins a growing roster of matching platforms earmarked for the sellside.

Citigroup, Credit Suisse, Merrill Lynch, Lehman Brothers and Fidelity Investments have formed a limited partnership called EBX that will own and operate Level ATS.

The platform, featuring two distinct levels of trading opportunities, was built by Lava Trading and will be supported technologically and operationally under a contract with the Boston Stock Exchange. Lava will also funnel order flow from its vast trading network into Level.

The make-up of the initial Level group is similar to the one backing the new Boston Equities Exchange, an affiliate of the BSE: the Boston, Credit Suisse, Lehman, Fidelity and Citigroup

Whit Conary, a former Boston Stock Exchange specialist, will run the Boston-based Level. “More firms are building their own alternative trading systems,” Conary says. “We saw an opportunity to provide one to firms that hadn’t already built an ATS. But as more of these systems pop up, we also saw this as a way to aggregate all these pools into one,” he says.

The new ATS provides two levels of trading service. First, it can function as a private crossing mechanism for firms that lack an ATS but want to offer their clients crossing opportunities with other orders being handled by the firm.

At the second level, the platform can act as a crossing mechanism between “preferred” trading partners. Firms that fail to cross their orders at the first level can initiate a trade with other firms of their own choosing at the second.

Also, firms that operate their own crossing systems can trade at the second level with firms of their own choosing. The five investing firms are likely to trade at the second level, sources close to the deal say, with both algorithmic and manual flow.

Level’s debut comes as Nasdaq, the New York and the ISE stock exchanges all launch crossing platforms for their broker-dealer members.