This is in response to the hybrid market rule submission. You will have to click on the link because it is 20 pages, but well worth it to read it entirely. Rather than only getting your information about hybrid from the nyse website and the cheerleading and propoganda that goes on in the hybrid blog, read this for the truth about hybrid. http://www.sec.gov/comments/sr-nyse-2006-82/nyse200682-1.pdf file is attached below as well.
u can already see many of the practices described by the fella takin' place on most nsye stocks. namin' the spec algos takin' the other side of all incomin' orders regardless of time and price/last.
Jeez traders are so lazy. Basically it has to do with several things concerning the hybrid market -the nyse rushing thru this Hybrid market propsal thru the SEC, because the SEC was acting on delegated authority (the nyse), and without any sort of public opinion. -abadonment of the specialist system and replacing it with a quasi-dealer/quasi uniquely privledged proprietary trader system. Essentially giving more control to the specialist. Just a few points this letter tries to make. It really just boils down to the NYSE pushing thru new system that is for their financial benefit because of their loss of market share. Face it, the NYS on your level 2 has become an ECN. Too bad for such a long standing trading institution. I am not really for or against the hybrid, I wanted to see what ppl thought of the letter, since I have only been reading "good" things about Hybrid off the nyse site. This letter was hidden on the SEC site. -ch
I bet that letter got shit canned.....20 pages? If you can't make your point is a few paragraphs, don't bother.
it's very detailed, many new and old rules are thoroughly scrutinized in respect to the hybrid functions.
My favorite excerpt A few personal favourites (there are many) from the NYSE's Ministry of Truth: (i) calling hidden conditional limit orders (which can only be entered by floor brokers) "quotes", even though they are never quoted;