I noticed a news article today out of Reuters, also out of WSJ early today on Fidelity urging that the specialist system be changed or eliminated. http://story.news.yahoo.com/news?tmpl=story&u=/nm/20031014/bs_nm/financial_nyse_fidelity_dc_4 Check it out. Down towards the bottom of the article there are a few others lobbying for change. Finally the support for the specialist system is crumbling. Obviously it won't be anytime soon, but it is certainly something to look forward to.
I thnk that it would be a big blow to daytrading if they would do away with the specialist system. Since most traders only trade NYSE M
Most traders are not trading the NYSE. http://www.elitetrader.com/vb/showthread.php?s=&threadid=14618
I am not kidding. I think that there needs to be change but doing away with the specialist system all together, would be a big mistake. Just my opinion M
I don't see that the system is broken. At least with the specialist system you have only one beast to worry about taming. More importantly, i feel the the current system is far more fair than nasdaq for most traders. Compare price moves on NYSE to that of the Nasdaq, and one will most certainly conclude that traders get better pricing and execution on the NYSE. The last thing I want to see is a move to a completely electronic sytem like island. Mike
This "thing" against specialists reminds me of the calls just 4-5 years ago by many retards to "deregulate" the energy/electricity markets. What was the result? Chaos everywhere! Were there any "savings"? Yeah, they went to Enron's attorneys. These mutual funds like Fidelity are simply trying to find a scapegoat to blame their underperformance on. When will the public ever get it?
Are you mad, Mike? More fair.....better pricing and execution????????? What the hell are you smoking??? As soon as the specialist system gives up some ground, specifically with the trade-through laws - all Naz traders will jump in with SIZE. The Spec will be screwed along with many elitist NYSE "traders"