NYSE Trading -- Is this legal?

Discussion in 'Trading' started by cornholetrading, Sep 12, 2002.

  1. does anyone have access to other exchanges ex. (chx,pse,bse,phlx) on their trading sysytem??? this could help out getting orders filled at fair prices......specialist are criminals .....i often use island and other ecns because the specialist doesn't fill orders.....
    #21     Sep 12, 2002
  2. Htrader

    Htrader Guest

    I'm sure you deserved to be filled, but I doubt it was a deliberate attempt by the specialist to screw you. NYSE specialists (especially in a stock like GE) are so busy they're not concerned at all with small superdot orders. They are too busy dealing with the floor brokers and such. Most likely there was a large flood of electronic orders at the time and since you had a limit order it wasn't given immediate execution and the specialist's assistant wasn't able to get to your order in time.
    #22     Sep 12, 2002
  3. Tony01


    Routing to ARCA will send your order to PSE.
    #23     Sep 12, 2002
  4. In order to avoid getting the stock at the price you wanted and having it move against by the time you get the fill corrected, let your clearing firm know to check the price of the stock when the floor comes back to them and says they were right. Usually they have a chance not to except the correction. I've had that happen to me, and the person that was correcting the order for me, made sure that it was to my advantage before the correction is made. Other times they were not so accomadating. Worst case you get the stock, but you also alert he specialist to the fact that we are watching and complaining, so maybe next time they'll think twice. But I doubt!!!! You never know though, if enogh complaints come in, maybe something will be done about it one day.
    #24     Sep 12, 2002
  5. ...well then, the specialist will only answer back with a fill if it moves against you...

    SO, you get screwed with a loss when you could have avoided the trade altogether.

    Plus, the time and frustration you waste trying to get an answer from the specialist is NOT worth it.
    #25     Sep 12, 2002
  6. I disagree, cause I have gotten good fills back before, and the specialist cannot make a decision based on whether or not the order is in or out of your favor. He has the spotlight on him at that point and has to make good, whether or not it's in or out of his favor.
    #26     Sep 12, 2002
  7. A couple things may cause that:

    Stock ahead - order in ahead of yours
    Program trading orders - from program trading systems
    Direct plus orders - NYSE Direct+ provides automatic and immediate executions of limit orders up to 1,099 shares at the published NYSE quote.

    Any of these would get executed ahead of your order.
    #27     Sep 12, 2002
  8. How do you get on NYSE Direct+?
    #28     Sep 12, 2002
  9. Never mind; that is NX ...
    #29     Sep 12, 2002
  10. Threei


    I haven't traded NYSE for ages. Reading all the "Listeds only, never NASDAQ" posts was wondering for a while if I really miss something. With these posts stating that this is normal order of things for NYSE I am pretty sure I am trading right market for me. This is impossible situation for NASDAQ. I can't imagine trading with such dependence on single person that could legally, or near legally, fill or ignore your order. Competitory system where all the participants work their orders and once your price level is hit with enough shares you get a sure fill looks so much more appropriate for trading... Well, to each his own, I guess...

    #30     Sep 12, 2002