Dick Grasso's failure was that he did not have a mini-me or another Dick Grasso to look after his own security. While a bodyguard like Grasso can perform brilliantly running interference/providing security for NYSE specialists, he is often blind to his own needs. This was a train wreck that probably could have been avoided if it had been properly finessed. Good news for individual investors and pension funds - bad news for the specialists union and DG.
actually the specialist do have control over arca in that they can hold cancellations. as if they didn't have enough advantages!!!!
shit, is that right!? i thought arca routed to PSE for listed?? so the specialist in this case holding the cancel -- is that the main guy at NYSE or someone else at PSE??? (no WONDER arca's so fucked up!) thanks, -b
yeah, i saw that and got the same feel; i dont think he was even subtle about, he came right out and made the accusation
i had called my clearing firm about some late cancellations on arca, one in particular that i got filled way late, i believe it was in TXN. they inquired to the floor and came back with the response that the specialist can hold arca orders. this is not the case with isld.
The above title heads the article below by business writer Gretchen Morgenson in today's New York Times: http://www.nytimes.com/2003/09/22/business/22PLAC.html?ex=1065245841&ei=1&en=5e60d59cb9da64a7
you can get improvement though on ARCA, but we all know how that goes if you cancel and get held, you prob dont want it anyway even with improve
Quote from C Robinson: actually the specialist do have control over arca in that they can hold cancellations. as if they didn't have enough advantages!!!! Would you elaborate please? How does a specialist have control over orders on ArcaEx?
exactly what i said......they can hold cancellations...therefore i assume they can fill them if they want to.....