Amazingly funny! The hypocritical Don Brigth arises. Don Bright is now concurring with the "negative" view of specialists. The Bright Trading sales pitch has and always been - "THE NYSE IS A FAIR AND ORDERLY MARKET... PLUS WHERE ELSE CAN YOU GET PRICE IMPROVEMENT..." I wish John Bogle would write an article about the trading firms who peddle the "virtues" of trading listed stocks.
AMEN on that! They "make-up" the rules on a daily basis, both on options and equity trading. The SEC is just beginning to figure this out.
Gee, the Full moon has brought back the dead again, it seems. Perhaps you might want to recheck what I've said. The specialist system is still the preferred way to make money....and it's not perfect, and Yes, thanks for pointing out the price improvement. Check the dictionary, I don't think hypocritical is synomous with reality. Thanks for allowing me more air time though!! (Sorry, I'm a bit bored today).... Don
Me too, but perhaps some posters have "English as a second Language" in which case, I hope that my (our) comments will be re-read and understood. "Full Moon Syndrome"... All the best!! Don
I concur; Don't throw out the cart because the wheel is out of round or the Driver/Manager steered the cart to his barn for "shrinkage" purposes before delivering the load. Fix the wheel and get the cart rolling again. What are the competitive alternatives (finacially of course) to the specialist systems @ either the NYSE or AMEX? Maybe the way to encourage improvements is to break the functional monopoly and have an effective alternative. Then if they dip their wick a little too deep we can find another venue.
Good post.....I have yet to see a viable alternative that works for everyone (traders, public, and institutions).... I do fear a completely fragmented "cyber" marketplace where everyone can simply walk away. Let's work on fixing what we have. Don
Bogle's right - the first to walk away in a panic market is the specialist. I say eliminate the roadblocks and let competition decide.