I know that SM will be for NASDAQ stock, but I think that the SEC has request to NYSE to do the samething in near future, do you know any nformation about that?
The Exchange Constitution and Rules The NYSE's Constitution and Rules are available from the following source: Distributor Phone Format Commerce Clearing House, Inc. (800) 248-3248 Paperback (800) 449-6435 CD-ROM The Exchange's Constitution and Rules are also included in the three volume looseleaf service, "New York Stock Exchange Guide". Included in the Guide are the Exchange's directory of members, member organizations, branch offices and listed securities, the New York Stock Exchange Constitution and Rules, and related federal laws and regulations. For copies of the guide, contact: Commerce Clearing House, Inc. 4025 West Peterson Avenue Chicago, Illinois 60646 (773) 866-6000
750 pages!!! Gulp. 40 bucks. They have a May edition which I ordered, but it is is not availabe for shipping yet. They don't know when it will be avaliable. They put on their "list". Everything seems like a wait these days. I need stuff NOW, NOW, NOW. because they are ripping me off NOW. Feels like it anyway.
1. The rules state that an electronically sent order can be ignored for 30 seconds. 2. He 'froze the book.'
This is the primary reason why ECNs will dominate the NYSE in a few years like they do the Nasdaq today. In time specialists will be left with predominately block orders. Most others will execute via ECNs where the "screwage factor" is notably less. If the NYSE wants to avoid market share loss they should grow some brains and institute a 10 second fill deadline--there's no way they should be able to hold orders (without a halt) for 1-2 minutes. This is the age of instant gratification. If they don't address this they'll be toast--with the vast majority of traders sacrificing the potential of price improvement for the faster fills of an ECN.
The NYSE is a little too full of itself these days. If seat prices descend 90% or so, they may catch on. At the first major crack in the prices, they may scramble but it will be too late in <i>this</i> cycle. (This if we really crash). And really, it isn't about instant gratification. It's about using reliable tools (they call it 'technology') to provide the best service possible at the fairest price. I think that used to be an unwritten rule of business. They are human and seem to be caught up in some collective delusion of invincibility (for the moment), as a bull market tempts humans to do. Well, by now they're probably transitioned into denial.
Chas: You make good points but it IS about instant gratification. People want to trade where they can sieze opportunities in an instant. Missing a fill after a 1 minute delay for no apparent reason and then watching as the stock does exactly what you thought it would do...is NOT gratifying.
specialist is a known thief, so is TER specialist. These are the obstacles a day trader must learn to navigate thru....