thanks for the link - there is a decent insight into how the specialists actually make money - the overall point of the market being "rigged" in the specialist's favor makes sense - i "give away" a good amount of dollars every day by using marketable limit orders - only because i don't have the time or resources at the moment to set up a battle with the specialists at the microstructure level... so i leave it to them for now - their days are numbered in any case.
"And the NYSE has provided virtually no justification for any of this. The NYSE merely resorts to assertions about "competition" or "automation" as though the mere utterance of these terms were sufficient to forestall intelligent thought or empirical analysis. In actual fact, as demonstrated below, the competition/automation factors do not support the NYSE's position at all when subjected to logical scrutiny, and when relevant historical comparisons are made" I didn't realize Carl Rove worked for the NYSE.
Needle in the hay stack. How did you find that letter??? Finding things in that site is like finding needles in hay
Where is the comment page on the sec site of other comments??? I can't seem to find it. Can someobody help me??
Anyone who has spent > 12 months in the business world... Learns that no one will EVER read a 10-20 page letter... It goes right into the file or gargage or shredder... So, really, only a ranting idiot would write one. Rule: ONE page, TWO pages MAX. I feel sorry for the folks... that are paying this guy big bucks to represent them.
Remove all the kook-ish language, i.e., railing against the "Ministry of Truth", cut it down to two pages max, and that could be a really good letter. As it stands, it is unlikely to be taken seriously by the people that need to hear it the most. Fletch
I'll drop some good lines from the .pdf, it's excellent. "It is absolutely unconscionable that the SEC staff, acting under delegated authority, gave accelerated approval to SR-NYSE-2006-82, with no opportunity for prior public comment." "It is difficult to believe that the Commission really gives, or should give, the SEC staff the delegated authority to act independently and directly countermand one of the Commission's own rules." And the guy closes strong.... "Conclusion It is not the Commission's task to ensure NYSE specialist profitability levels by maximising their proprietary trading opportunities. It is the Commission's task to enforce applicable law strictly, to put the interests of public investors ahead of dealer interests, to maximise public order interaction without dealer intervention, and to create as "level" a competitive playing field as possible. It really is that simple." The guy says he's a 'Consultant (to two institutional trading organisations)' Sweet tirade. Too bad nobody at the SEC cares.