i have heard from a Redi source that REDI is going to eliminate the reload feature. Has anyone else heard this........ thanks.
I believe it's going to become a non-issue. The specialists on the NYSE are proposing a penny per share charge on limit orders regardless of the length of time they are on the book. Currently the penny charge only applies to limit orders held for 5 minutes or longer. The Redi reload order cxls and replaces your order every five minutes to avoid this. If the crooks, I mean specialists on the floor get their way we will be paying the penny regardless of the amount of time the order is held. I guess they want to force the day traders to use ECN's instead??? That means less liquidity and no chance for price improvement on your orders.
If this happens, I wonder if this will apply to all trades. I doubt institutions that pay a fraction of a penny per share will pay an extra cent to get their order executed on NYSE. shneed
i hadnt heard that one either, that would blow.... and the RLD is one of hte few things keeping me w/ REDI, i really doubt they would do away with that, although it may help... i think tha tis one of the things slowing them down. remember a few weeks ago the RLD were supposed to stop showing up in the message and that lasted what a week; at least for me, i just remembered that.
complete bullshit- as if jacking up our SEC fees this month for no reason (certainly no value added to us traders) wasn't enough, now they want to charge for limit orders?? thats friggin retarded- then there will be way less orders on the book for the specialists to itemize/ trade around- they would be stupid to insitute that fee and restrict order flow as it would be harder for the specialists to pull their games/ shenanigans- and thats where the real money is for those guys. think about it- that is their main advantage- knowing 100% order flow and trading around it- raise the fees, the specialists would only be screwing themselves, not to mention pissing off many traders, some of whom would be so cheap as to quit trading NYSE to trade futures, etc, instead. bad idea for everyone, traders and specialists alike.
my guy at redi told me that the reason they were going to get rid of it was the fact that bright was taxing the servers to much and slowing them down.
A few weeks ago, they changed things around to significantly reduce the load on the servers. Maybe that's what he was talking about. I talked to my contacts at Redi, and no one knew anything about it getting rid of RLD.