An e.g. is Bin Laden happened to be trading. A spec has no clue as to where or who that order belonged to, but a black box can be programmed to elimiate all Iranian, and/or, hostile orders designed to F up the US even more. ROTHFLYAO PIYP. May be I am right, and the spec is just the scape goat.
So, from a logistical standpoint, what are they going to do? Just close up shop on the floor? Does that put all the specialists and runners and such out of a job? It will seem kinda strange to just see some large electronic quote screen outside rockefeller center or where ever they put it. like the naz. Seems kind of sad of sorts, our pillar of modern capitalism will be reduced to a quote screen. What does everyone else think, in more of an abstract sense? I'm getting a little bored of the 'specialist are crooks' arguement.
Your reason specialists should stay is because they wouldn't have a job if the market was electronic? You are sick. Amazon shouldn't sell books either because a lot of bookstores aren't hiring clerks because people are buying their books online. It's too bad when new technology comes out and makes processes more efficient and people lose jobs but that's life.
What? Do you trade NASDAQ? Both MYG and WHR average well over a million shares a day in volume. If they were NASDAQ stocks when that news came out, there would have been tens of thousands of shares that printed in the exact range where the specialist gapped those stocks. So instead of having 2-3 point air pockets with no trades, you would have had a chance to get in/out of those stocks. The large majority of volume on the NYSE is still routed through the specialist. Therefore, the liquidity available on the ECN's is very low compared to what it would be if you took away the specialist.
Good Job!!! You found the time again to re-post this article exposing all that nasty corruption at the NYSE. Ralph Nader has nothing on you! You are doing society a tremendous service worthy of the nobel prize!! In a similar vane, here is my expose' of corruption abound in other areas of society, with each followed by my recommended remedy (of course mirroring the noble one that you have put forth for the NYSE, I will not take the credit away from you for that!). : NEW YORK (CNN) -- Three doctors from the Westchester suburbs of New York City allegedly provided mob figures with erectile dysfunction drugs in exchange for various favors, the FBI said Thursday. http://edition.cnn.com/2005/LAW/05/...octors.arrests/ Two Arizona doctors arrested for allegedly creating and selling fake Botox http://www.sfgate.com/cgi-bin/artic...1713EST0714.DTL 2 doctors arrested for botched heart operation that killed girl, 12 http://www.zone81.com/arch_news/1025425770159 Oh my Goodness! All the doctors are unethical and we must get rid of all of them now! We can all self-medicate anyway. Omaha attorney Thomas Gleason was arrested Wednesday morning. Gleason is accused of stealing money from his clients. http://www.wowt.com/news/headlines/2240802.html Lawyer Arrested for Kidnapping Client on Wedding Day http://talkleft.com/new_archives/013698.html Denver Criminal Defense Lawyer Arrested By The DEA For Drug Distribution http://www.criminaldefenselawyer.co...r-Arrested.html What are we coming to? All the attorneys are breaking the law! We must do away with all the lawyer scum now!! The priest of a Northern Michigan parish will be in court Tuesday after being caught in an illegal sex act. http://www.tv7-4.com/global/story.a...tType=Printable Priest arrested over nun's rape claim http://www.telegraph.co.uk/news/mai.../ixnewstop.html Former Priest Arrested At LAX For Alleged Child Molestation http://www.nbc4.tv/news/6256509/detail.html Oh my Lord! All of these priests are mortal sinners! I say we defrock them all immediately. Who needs them? Policeman Arrested On Brooklyn Heroin Charges http://query.nytimes.com/gst/fullpa...754C0A960948260 Another policeman arrested for raping minor http://www.newkerala.com/news.php?a...llnews&id=37781 Policeman arrested in connection with journalist's murder http://www.ifex.org/en/content/view/full/16464/ Hmmmmm.... just as I suspected all along - Mick Jagger was right!!! Every cop is a criminal!!! Lets do away with them all, we don't need them!! Former Baseball pitcher arrested for drunk driving http://sportsillustrated.cnn.com/baseball/mlb/news/1999/12/01/sorenson_dui_ap/ MU baseball player arrested in stabbing http://www.showmenews.com/2005/Apr/20050427News003.asp Baseball player arrested for DUI after fatal crash http://www.uwire.com/content/topsports083100002.html Say it ain't so Joe! Say it ain't so!! Baseball is filled with a social plague! I say get rid of all the players and replace em with robots, I heard that the prototypes are coming along nicely. US soldier arrested after attack http://www.smh.com.au/articles/2003/03/23/1048354477053.html Soldier Arrested For Sexual Assault http://www.lawcore.com/legal-information/01-25-06.html Soldier arrested in murder case http://www.kstatecollegian.com/article.php?a=3362 Hey.... it looks like our military are no angels either. We had better do away with them too while we're busy cleaning up the world. Peace, Love and Flowers!
Bravo Hamlet! You didn't even need to use iambic pentameter to get your point across either! LOL! Well put.
Completely depends on the stock. There are many tactics at the specialist's disposal but he can only do so much if the volume is going via SDOT and the book and ECNs are very active. Because there is no pure electronic execution except for ECNs, many times you have to deal with the specialist. NX is not a pure electronic execution, it can and does get turned off, if the quote changes, it turns into limit and if the size is not there, the NX is invalid for the rest of the amount. On the high volume sector stocks, the specialist is worthless and only interferes. The best price improvement to me came from ECNs on the fake spreads, while the most slippage came from held market orders. I would have loved to just hit the NYOB bid, but alas, held limit orders and ignored NX forced me to go market. The ECN wasnt there. Then there are the lower volume stocks, where you are forced to deal with the specialist most of the time and give him your order to do with as he pleases. Those are also the easier stocks to tape read so it's a give and take but if you are not looking for the tape read trade, the specialist is on average an additional cost. I used to trade TIE before it got hot, that stock used to do 100,000 a day and 80% of the volume was through the specialist. How can you even argue that 85% I did not deal with him, it was almost all him and it was quite profitable to me. Yeah he did his work, when that guy went to hit the stops, you pretty much had to get ready to pay him. Insane spreads were common, slippage was expected. I paid him my dues, there was no way around it and it was a proper give and take because it became mostly tape read trades. However, I started trading that stock based on fundamental issues not because I saw the tape reading action. Had it been a Nasdaq stock I probably would have made more. Because ECNs are not that active yet on most stocks but they are getting there. Once again, you only support the argument for getting rid of them, let the flow go electronic. That's the Hybrid, it's giving way to electronic flow while still letting the specialist rob for a little longer before they are fully extinct. Their ole boys racket is being broken up and split up among the banks. The corruption will still be there but it will be more evolved and clever. Nothing is going to stop any daytrader from creating a black box to scalp spreads once NYSE goes fully electronic. Go ahead and go claim a piece of the power the specialists have when it happens. But for now, there is a lot stopping from getting in on their racket, like bloodlines and very special connections. There is zero need for them unless you are a trader that needs the tape reading edge. That human element and liquidity arguments are complete BS. All across the world the move has been toward more electronic without any consideration of more human element. Guess according to NYSE, they are all wrong. HA!
Hamlet's argument falls apart when you actually read the entire article I posted, and especially when you do even more reading elsewhere. The entire article shows that, according to the U.S. Government, the entire NYSE, and especially its regulators, are corrupt as an entire institution, and the corruption is not limited to a handful of isolated individuals. This is a fundamental, systemwide, institutional corruption, very much unlike the isolated examples of individual corruption sarcastically listed by Hamlet. Individual examples of corrupt doctors, lawyers, priests, soldiers, etc., obviously do not merit condemnation of al doctors, lawyers, priests, soldiers, etc., but the NYSE is different. Our own federal government is telling us that the NYSE, as a whole, is fundamentally corrupt, not just certain NYSE employees. Hamlet's argument, like most or all of those in defense of NYSE, is long on flashy salesmanship, but short on logic and short on facts.
I say stay. Give them a separate routing, and let the people decide. Anyway, we need all those so called degenerates to spend their money, otherwise we would have been in a global recession by now.