NYSE vs ISLD for listed stocks

Discussion in 'Trading' started by gotwals, Aug 28, 2002.

  1. gotwals

    gotwals

    I would be interested in comments about trading listed securities on the NYSE where a specialist processes the order vs. trading the same securities on ISLD. Currently, I trade 1000 share orders on NYSE, so there's a $5 fee/trade on NYSE that would not be on the ISLD order.

    What about partial fills? When I deal with the NYSE, if I get a partial fill, I just cancel the rest of the order and resubmit a second order with a new Qty field. I have heard some horror tales about partial fills on ISLD leading to an oddball quantity of stock that you would be stuck with because no one wants to buy it from you.

    Speed of execution should be much faster on ISLD, and seeing the ISLD "book" for the stock should be useful.

    Finally, what percentage of listed stocks are traded with decent volume on ISLD?
     
  2. Some of the thick stocks have good ecn liquidity, but from what limited looking I've done (I always go through the specialist), things pull back quickly when the market starts to move. When the specialist freezes the book, do you want to be the guy getting picked off when your bid or offer is sitting there, while the tape readers know a gap is coming? While the ecn might have the best bid or offer, you won't get price improvement, which is quite common with listed stocks.

    BTW, who is charging you $5 per listed trade, 'cause it's not the exchange.
     
  3. Somehow, traders that flip 5000 shares, cr*p thier pants when faced with an odd lot of 43 shares.

    Horror stories? Just sell it to the spec and be done with it. What's the big deal.
     
  4. I concur with the observatons of lescor. And Cybertrader charges 1/2 cent per share on NYSE...one of the reasons I am with TS6 now.
     
  5. rs7

    rs7

    I use Redi Plus, which has a montage (like level 2) with NYSE and all ECNs. I have yet to see where a better price would be shown for NY stocks than on NYSE on ISLD.

    Other than off hour trading (in which case I will mostly use Instinet, rather than ISLD), it seems futile to me to try and sweat out the pennies (if they are there). Just trade listed as listed. With the possible excepton of ETFs. There is one ECN (I forgot their call letters...I blocked them) that sometimes gives better prices. But their charges more than make up for any savings (something that starts with a T). I am sure someone here knows which one I am talking about.
     
  6. smokey_mcPaat

    smokey_mcPaat Guest

    lol- yeah right- who gives a crap about 43 shares?? oh, no!!! i got 43 shares- oh no!!! what will i do?? i'm screwed !!! think how much money i am going to lose !!! arrrrgh!! must....jump....from...window...end it now!! its too much- i can't take it anymore !!! :D :D
     
  7. isld sucks for all but the most heavily traded listed stocks.the spread is just too wide.you will exchange instant fills for profits.
    also every day i get price improvement on listed trading nyse.try that with isld.
     
  8. Is it <b>T</b>o<b>NTO</b> (TerraNova)?
     
  9. Now, now, lets be nice to TNT ...
     
  10. Some firms have NYSE passthroughs others don't. Can someone explain the particulars. Does it have to do with the brokerdealer not having a seat or does it have to with them not having a relationship with someone else that does or what exactly.

    For example, Bright and Andover I know don't have any passthrough (or whatever you want to call them) fees for a nyse transaction but Protrader, Cybertrader do?

    Someone please explain the exact reason.
     
    #10     Mar 25, 2003