I had a question for those you trade NYSE stocks and have access to the regional exchanges. From what I understood I thought ARCA took over the PSE exchange. So if other firms see a quote for PSE is it really someone entering the order on ARCA. I am asking this because the firm I trade thru now I only see the ecns, NAS and NYSE however I can post bids and offers on ARCA on the NYSE stock exchange but wanted to know if they are seen by other traders at other firms as PSE or are they just sent to the book of ARCA and only hit by other traders crossing the ARCA book.
The top of the ARCA book should show up as PSEX for listed securities on a Level II screen. Both of the equities floors of the Pacific Coast Stock Exchnge are closed. So if there is a PSEX bid it is from arca. So I think the answer is yes, if someone does not have the ARCA book quotes but they can see Level II (regional) data, then they should see your quote as PSEX.
One thing I noticed is that there are a lot or arbs out there with the regionals and you can get pretty good size at times. Also when the NYSE guy moves his quote there can be a lot of stray shares that you can get if you are late to the move. What I find interesting is that many NYSE traders don't even look at the regionals or nas to get shares and just look at a Level 1 quote when trading NYSE stocks. Seems to be a disadvantage.
Actually I should probably have deleted the post. Don't want my edge to get out. Have you noticed also the dramatic increase in ECN activity on some of the bigcap NSYE stocks in the last few days?
A lot of firms will show the regionals but for some reason do not have the ability to hit them. So kind of worthless to have them on your screen if you can't hit them.