KEY STATEMENT HERE "NYSE WANTS VOLUME" TRUTH: YOu think its difficult now, wait until the new system comes around. Unless there is an advocate for the consumer like Harry Houtkin for SOES, the next NYSE will NOT be advantageous for retail or "pro" traders. How much "lobbying" dollars do pro firms contribute to the NYSE? NONE! Guess who the NYSE will listen to. You figure it out. In the past ten years, no firm has bought off err I mean made political contributions to the NYSE. All the pro shop owners lined their own pockets without looking at how the bigger game is played. All the firms can cry foul NOW but their input will be politely swept under the rug. SO stop bitchin, because the its only getting worse.
IF YOU DON'T LIKE NYSE, THEN TRADE NASDAQ. Wouldn't it be better to have to have 2 options of where to trade, than just one electronic, MM-style marketplace?
thank you axehawk, all u guys out to change the NYSE from an auction style market to an electronic market, please realize, you already have Nasdaq. LEAVE THE NYSE ALONE i luv the specialist!
Finally, the Commission voted to propose new short sale regulation under Regulation SHO, which would modernize and replace Rules 3b-3, 10a-1, and 10a-2 under the Exchange Act. Regulation SHO would include the following. A uniform short sale price test, Rule 201, applicable to exchange-listed and Nasdaq NMS securities, wherever traded, that would restrict all short sales to a price above the consolidated best bid Proposed Rule 201 would incorporate some exceptions in current Rule 10a-1, and include additional exceptions to address situations involving locked and crossed markets, short sales executed at a volume weighted average price, broker-dealer executions of customer "long" sales on a riskless principal basis, and short sales by broker-dealers to fill customer limit buy orders as required by the federal securities laws or rules of the self-regulatory organizations. A temporary Rule 202(T) that would suspend, on a two-year pilot basis, the operation of the proposed bid test of Rule 201 for a select group of liquid securities New "locate" and delivery requirements under proposed Rule 203 to address abusive so-called naked short selling Rule 203 would incorporate provisions of the existing SRO "locate" rules into a uniform Commission rule applicable to all equity securities, wherever they are traded. Rule 203 would also impose additional requirements on securities that have a substantial amount of failures to deliver. Rule 200 of Regulation SHO, which would define the term "short sale" to allow multi-service broker-dealers to aggregate their positions by separate trading units; and modify the definition of ownership of a security to address security futures products and unconditional contracts to purchase securities. The Commission also voted to propose amendments to Rule 105 of Regulation M (short selling prior to a public offering) to eliminate the shelf offering exception; and issue an interpretive release providing all market participants with guidance regarding the use of "married put" transactions when aggregating positions under current Rule 3b-3 for determining compliance with current Rule 10a-1 and Rule 105 of Regulation M. A "married put" is the purchase of an option to sell (i.e., a put option) a certain number of securities at a particular price by a specified time, bought contemporaneously with the same number of underlying securities. The Commission will solicit comment on the proposals for a period of 60 days following their publication in the Federal Register. The full text of detailed releases concerning each of these items will be posted to the SEC Web site as soon as possible.
Yeah, that'll be the day.... We all know that there is a "food chain" in the marketplace. With exchange traders and other professionals at the top. Mutual funds and other institutions in the middle, and, of course, the less initiated etraders providing the money via their retail brokerage firms. 401(k) money, and all the banking money is simply the fuel that drives the markets...the trading is left to the rest of us. My point on an earlier post may have been misunderstood. Since there are dozens (if not hundreds) of traders and orders going to the NYSE on any given stock every minute or so (from professionals, retails, etc.), it may just be that the "cause" of those "bad fills" (or at least the concern some of you are showing)...is not the Specialist at all. He is just a traffic cop/order filler for the most part. Don
the specialists today is corrupt. if your sell order doesn't post, then a buy is coming in above your sell. you are executed with that buy. the specialist flipped.
used to be they created a smooth market. today, spreads can widen to thirty cents or more, and a fifty cent pullback and immediate surge back are common.
used to be that when you put in a sell, and afterwards there is a buy above your sell you would get the better price. no longer
why do you think grasso got 150 million or so. he lets the specialists abuse and rob the retail client.
for all intents and purposes the nyse copies and functions like the nasd used to. in fast markets the ecn's will trade sometimes as much as a point away from the nyse quote (pkn when rumored it was going to be expropriated), and it is impossible to cover on ny. in these cases, i don't even try, i simply put in an order to an ecn.