NYSE Specialist - Stay or Go - vote here

Discussion in 'Trading' started by Hamlet, Mar 28, 2006.

Should the specialist Stay or Go?

  1. STAY - I earn $0-$100k (annually)

    46 vote(s)
    25.7%
  2. GO - I earn $0-$100k

    39 vote(s)
    21.8%
  3. STAY - I earn $100k-$300k

    21 vote(s)
    11.7%
  4. Go - I earn $100k-$300k

    12 vote(s)
    6.7%
  5. STAY - I earn > $300k

    16 vote(s)
    8.9%
  6. GO - I earn > $300k

    12 vote(s)
    6.7%
  7. STAY - I lose money trading and need someone to blame

    15 vote(s)
    8.4%
  8. Go - I lose money trading but will be profitable when he goes

    18 vote(s)
    10.1%
  1. nitro

    nitro

    Where there are markets, there are crooks. Those people were all punished when found out.

    I suggest you study the Chicago MERC, the Chicago BOT, the Chicago Options Exchange or any other major Exchange for some big scams.

    If you believe that electronic markets won't bring in a new kind of crook and scheme, you are sadly mistaken.

    nitro
     
    #41     Mar 30, 2006
  2. nitro

    nitro

    If you can write software, then you can route anywhere you want without any delay. The problem with IB, and one of the reasons I don't like them, is they charged you to direct your route non-SMART through the API.

    IB simply wants you to use SMART because they promise you the NBBO or better if they can fill it internally. That is good for you, and good for them because they are arbing you. But few people even realize that IB in this case is playing a similar role to the spec.

    SOMEONE ALWAYS WANTS TO ARB YOU!

    nitro
     
    #42     Mar 30, 2006
  3. No, nitro, apparently you need to re-read the article. The article is not about isolated cases of individual traders who were punished. The article is about the criminal corruption of the entire system of NYSE trading, including the exchange officials who are supposed to police it. The cops are on the mafia's payroll, don't you get it? The NYSE is rotten to its core.
     
    #43     Mar 30, 2006
  4. Nitro,

    IB does internalize orders under certain conditions, but it does not play any role similar to the specialist. IB follows certain procedures which are completely different from the procedures governing the specialist, it actually follows those procedures instead of using them as a smokescreen to conceal rampant violations of its own rules and of the criminal code, it uses honest people instead of criminals, and it uses modern technology truthfully intended to achieve immediate automatic execution, at the best possible price, without any delay or manual intervention whatsoever.

    I can think of one or two ways their internalization procedure could be improved, but I think it is just completely off-base to suggest that IB does anything remotely related to what specialists do.
     
    #44     Mar 30, 2006
  5. 1000

    1000

    ROTFLYAO PIYP if you want JIMHO

    I have this quazy gay feeling that this has nothing to do with the spec, but everything to do with foreign order routing. An e.g. would be Nigerian oil trades on Nymex linked to forex on globex2. While this e.g. may not involve a spec, other similar or parallel situations might.
     
    #45     Mar 30, 2006
  6. Are any listed traders here excited about the new hybrid system? I for one think that nyse stocks will still trend like they do now. The Liquidity Refreshment Points should help from prices spiking all over like they can on nasdaq. All long as the liquidity is there and the stocks move we should be okay...


    -Guru
     
    #46     Mar 30, 2006
  7. Markets will never be crime-free, but the reason we must eliminate the specialist system is that crime and fraud are inherent in its mechanism of executing orders. People can still abuse markets like GLOBEX or Nasdaq, but they can't do it by tampering with the mechanism of execution itself. This greatly limits the scope, potential, and range of opportunities for criminality, as compared to the NYSE.
     
    #47     Mar 30, 2006
  8. nitro

    nitro

    I read the article. The NYSE is on the mafia's payroll? Well, that is bad!!! But you know what? IT DOESN"T AFFECT MY TRADING THE NYSE PROFITABILITY ONE BIT!!!

    Further, the NYSE is not the only exchange that has that problem. Where there is money, there is mafioso.

    nitro
     
    #48     Mar 30, 2006
  9. nitro

    nitro

    You say that as soem sort of philosophy - as if it is revelation. READ MY LIPS - Get rid of specs just shuffles around who is doing the "corruption." Change it to anything you want, it won't make one hill bean of a difference to me!

    My point is that your premise is flawed. I bid for a stock, I get filled or I don't. If I get filled I want it there. If I don't get filled I did not lose money, only opportunity - maybe. If I try to cancel my order and the market moves against me and I get filled, I wanted it there.

    nitro
     
    #49     Mar 30, 2006
  10. bitrend

    bitrend

    Mr. Rockford,

    How could we be certain that the fully electronic trading platform has zero corruption or better? I have no preference between the two systems, my concern is about the possibility of manipulation in the electronic system and it will be harder for the SEC to investigate if a corruption has been occurred while it's easier to investigate under the specialist system.

     
    #50     Mar 30, 2006