i was thinking the NYSE need to realize that more volatility, not LESS will create more business.. extending trading hours is not the remedy. but now that i think about it, an element of guise here. the bigger pockets may have more an interest in something else. less volatility may lead to more profits. low volatility allows programs to work. imagine specialists with black boxes.
I hate the extended hours idea. I heard someone comment on how you would get more volatility if it was like japan open for two hours, closed for lunch, and then reopen in the afternoon for a few hours. It makes sense when you look at how the market is good until about 11am each morning.
that's what i have been saying for awhile now. it is no accident that GS is one of the biggest auto/algo players in the biz. the SEC offered nickles but the NYSE chose pennies. hmmmmmmmmm
i haven't used NX in ages. but when I did, it was a joke -- insofar as it was certainly no Island. uptick rule? indifferent.
And don't forget their clearing business. More penny fighting, tighter ranges, larger volume and the broker/dealers get guaranted risk free revenues (well almost risk free). Oh yeah, the future for US equities just getting brighter and brighter. I can't wait for the subpennies to kick in. I can see it now, catching a 10 cent move and jumpling in glee cause you caught a homer. Whoo Weee! No come on, Im just kidding, I think. At least NYSE is trying to get some European funds back into this market. Extended hours, maybe it won't be worse, I mean just how much of a difference would it make to what is going on now. First hour, maybe two and it just dies off for the rest of the day. So more hours, just more opportunities. On the thread topic, I would like NX to go but unfortunately, day trader market orders & limit orders have been getting less and less love from the specialists. Apparently the licensed profesional theft business is going through tough times. Yup getting rougher to pay for the new yachts and the house staff. So as much as I try to keep myself from NXing, I'm increasingly finding myself without a choice because the market order is just being held and held and the limit order is sitting there crossing the market as the price keeps moving away. If you gotta get out you gotta get out. Gambling with a specialist fill? Not in this market. Uptick rule? My fear is that its abolishment will turn the quick short takedowns into the futures type chop chop.
revisitng this thread, you are right. goldman owns 15.6% of ARCA shares. they also act as advisor to both arca and nyse on merger deal. nyse ceo thain, ex-goldman sachs. goldman bot slk, specialist firm makes markets on the nyse. looks like GS is getting what they want, control of the NYSE. grasso, specialist go BYe-BYe. hello penny'ing black box mm's. fail to see how this helps the public who still dollar cost average and buy a dollar from the top.
lol goldman owns arca goldman owns slk specialists goldman's thain runs nyse goldman was middleman in arca/ nyse deal goldman king of pennying blackboxes will goldman scrap the specialist division or the blackboxes? tune in the coming months, to see the future of equity trading decided by what makes the most money for goldman