I can't believe it was 1974 that I read Richard Ney's "The Wall Street Gang." Now today with electronic trading and manifold venues, we still see the open everywhere take its cues from the specialist system at the NYSE. Although it has been put aright recently, the SEC's recent adventure in "re-interpreting" Reg T, which for a while forced firms to require a T+3 wait before being able to re-invest proceeds in a cash account is just another example of the creeping disregard for established law infecting our national institutions.
means u are trading against specialists that are no more mere specialists but outright proprietary traders with all the tools at their disposal to take advantage of order flow.
This proposed mkt structure would be like the way it was in the fut pits 15 yrs ago when a broker can trade for his acct AND at the same time fill an order for a customer. What a f'in joke. I thought the hybrids was bad for tape readers. This is far worse.
I'm sure this will lead to lower prices for NYSE stock trading. Also quite sure we'll begin to hear more free trade deals, at least for NYSE stocks.
I'm not saying I know the implications of this rule, I don't. But I will say, after being in this business for 10 years, every year or so a new rule comes out and everyone freaks out. "We're screwed!" "Now its impossible to make money". Going to decimils. Program trading increases. Going to hybrid. Now this. As a trader you need to adapt. It's never going to be easy. Even "back in the day" there were plenty of people getting their asses handed to them when we were in the midst of a bull market.
if u couldnt make money back then u should have seriously consider go claim for benefits for the rest of your life. this rule destroys the fundaments for a fair mkt, hows that sound?