NYSE Specialists going away next year?

Discussion in 'Trading' started by Triple X, Aug 2, 2006.

  1. One of the traders on CNBC Fast Money (Tim Strazzini) just said all of the Specialists will be gone from the NYSE next year. Will the NYSE trade like Nasdaq?
  2. Surdo


    Actually, one of the Muppets on Bloomberg TV confirmed 11 WALL Street , NYSE, will be turned into a Financial Museum in a year's time.

    The Specialists will run tours and help out in the gift shop.
  3. Doubtful. The Specialists serve a vital function in a lot of stocks.
  4. At least that'll liven the place up. That place is like a library during trading hours. :eek:

    Yeah, you definitely are "new at this".:p

    But seriously, do not even try that "liquidity" and "fair & orderly" market argument. Only time they provide liquidity is when front run someone for a guaranteed profit.
  6. cashonly

    cashonly Bright Trading, LLC

    Yeah, making significant $$$ for the firms that hire them!
  7. cashonly

    cashonly Bright Trading, LLC

    Yeah, making significant $$$ for the firms that employee them!
  8. What percentage of the trading profits does the specialist get to keep, and what percentage goes to the firm?

    +-*/ Math_Wiz
  9. No kidding, check out PEG for friday. the stock traded 9 million shares that day and the specialist let the stock drop $1.50 on a 100 000 share order!

    Some specialists do help though. I remember goldman dumped over a billion dollars on Exxon in one print, and the specialist held the stock up. (he held it down over the next 2 weeks while he liquidated, but he did his job, even if it meant he might actually lose some money, which I doubt he did)

    bottom line, the market is inconsistent enough, without having to determine if the specialist does his job with decorum like Exxon, or deceitfulness like, AMD.
  10. I thought goldman stepped in and bought that stock, the seller was 'unknown' selling 24 millions shares in one print.
    #10     Aug 7, 2006