Questions about NYSE

i'd rather not name the symbols, but i agree. i have called them in for fills before and the only reason i didn't today was because i was celebrating mid-day with a little(?) whiskey and also fairly busy with the vol

occasionally when he pulls his quote and raises the mkt if i'm looking to cover some, i'll increase my size and short his new bid to try to demonstrate when it comes back down that he should have just filled me

i'm going to start calling them in from here. there's definitely no lack of opportunities to do so

 

Maverick, I must agree with AC on this. The specialist, especially on thinner stocks, often hold a 1000 shares or less order that you try to Auto Execute. There are several reasons they are allowed to hold an AutoEx order, mainly for a price improvement, which is good, but there are others who hold it just so you dont get filled. It happens to me several times a day, everyday. You are right though, no one cares about those small orders, particularly the NYSE. If you think calling and complaining is going to get you anything you are mistaken.

Its also particularly frustrating when the order is larger than 1000 shares (say 5000) and there is a bid of say 2000 shares, and they hold the order then it shows on the Open Book. Then other traders race out and Auto execute the bid ahead of you and you become the offer.

 

They cannot hold the order if you NX the order. This is not possible as the specialist is not involved in the order. In other words, when you NX, it's automatically executed. He has no say on these orders. It's very much like a RAES order on the CBOE for 10 lots or less. If you have more then 1000 shares, you cannot NX the order.

Calling down to the floor may not get you results very often, we hardly ever got rulings in our favor, but I swear you to this, they keep records of every complaint. That is why we did it. If the specialist gets too many he is fucked. Simple as that. We noticed after we started calling down a lot, we had fewer and fewer problems with that specialist.

Also make sure you are aware of the fact that if you are trading at a firm, only one person in your entire firm is allowed to NX that stock every 60 seconds. A lot of guys did not understand this. You have to wait a minute before you can NX that same stock.

 

Not the case. First of all its only 30 seconds, it was 60 origianlly, but has been 30 for about 2 years now. There are several reasons within the rules to allow the specialists to not AutoEx the order. This gives them just enough room to get out of filling any order they want.

 

Rule 1000

Rule 1000 states the basic operative principles providing for automatic execution of limit orders of 1099 shares or less against the Exchange’s published quotation. The Rule lists six instances in which the automatic feature would not be available due to market situations, lack of depth in the published quotation, or inappropriate pricing of the auto ex order, as follows:

· the NYSE’s published quotation is non-firm (pursuant to Rule 60);
· the NYSE’s published quotation has been gapped (pursuant to the Exchange’s usual procedures for such situations) for a brief period because of an influx of orders on one side of the market, and the Exchange’s published quotation size is 100 shares at the bid and/or offer;
· a better price exists in another ITS participating market center;
· the NYSE’s published bid or offer is 100 shares (see Rule 1001(c));
· a transaction outside the Exchange’s published quotation pursuant to NYSE Rule 127 is in the process of being completed, in which case the specialist should publish a 100-share bid and/or offer; or
· trading in the subject security has been halted.

Rule 1000 provides that an auto ex order that cannot be immediately executed for any of the above reasons will be automatically entered for execution in the Exchange’s auction market via the SuperDOT system. Once it is entered in the auction market, it will be treated the same as any other limit order entered onto the Exchange.

 

Think about this for a second. The specialist is filling orders all day for 25k, 50k, 100k shares and more. Do you really think he is going to try to get out of a lousy 1k share fill. What is this really going to cost him. He'll be able to flip out of the stock a nickel lower. That cost him 50 bucks. These guys have p&l that swings 300k to 500k a day, I know because I had friends down there. Trust me when I say this, they really do not care about these orders. I understand all the conspiracy theories and they are out to get me and they are afraid of my order. I heard it all when I traded in NY. Then I went down to actually watch these guys and I'm telling you man, they don't care!

 

Right and none of those reasons applied to your trade. Non sequitur.

 

I am not going to waste any more time on this, its apparent you do a lot of posting and not much trading or you would know exactly what is happening

 

Oy vey. Carry on hotshot trader. I traded more stock in a day then you traded in a year. You know what, you are right. After thinking about it, the specialist are afraid of your tiny orders and they are backing away from every order you send. You have them on their heels. LOL. The fantasies of ET traders these days.

 

i thought there were only 7 specialist firms on the NYSE. who are the other 10k's of specialists firms you are referring to?