Can NYSE specialist sell or buy shares on ECNs despite the fact that there is no execution advantage to them?
You are referring to route orders, I am talking about NY specialist using the ECN to disguise his real purpose in providing or removing liquidity.
I doubt that one can prove or disprove what Specialists do... Unless you are one or know them personally... Or are a member of NYSE and they work for you. At least 15 Specialists are up on criminal charges right now... So if it is against NASD or NYSE regulations... and therefore illegal... You can rest assured that many Specialists are doing it right now... And they absolutely feel that they are ** entitled ** to every stolen penny.
Many of the new procedures have been in use under actual market conditions for many months now. I see a smooth transition on e-Day. FGB
Seriously, i think specialist do what they want. In wallstreet, the biggest players screwed the smalllers BIG TIME! Im a day trader, i found the Specialist like to take some break or screwed traders when institutionnals are out. Take it easy
kwancy..... I am seeing arca used too often with repeating 100 lots holding up levels to not be the specialist. I was trying to find information regarding the arca nyse merger and the how it alters ability of the specialist to use the arca route to carry out his market maker duties. It certainly doesn't seem like very much of a stretch for arca to be used for this activity. I have just accepted that this use of arca is occurring and to use it in the back of my mind. If anyone else can respond with ACTUAL FACTUAL information it would be appreciated --- all the rest is just wasted reading. Standard fair on elite though......tiresome.
Most Specialists firms have upstairs desks. I do not know, I am speculating that a firm like LaBranche has a few discretionary trader's upstairs that can get a very colorful look from the floor! ***I worked on the NYSE floor for 5 years, so I am only talking 1/2 way out of my ass.