Hahahaha you are dreaming, each time they change a system under the pretext to better serve the users it is worse, you are really naïve or what ?
=== Good read ,especially ''study after study shows NYSE lowest volitility market ,bar none.''Sounds right. However as the time frame lengthens ; higher volitility can better.
WOW!! I agree with HT 100% on something!!!! very true though...I remember how decimalization was going to provide : greater liquidity, market clarity, and make it easier to trade" LOL....now Market makers sit around an look at each other like deer in the headlights over 'sub pennies! ....and let's not get started on the PDT rule that was going to get rid of all the amateurs. LEAVE IT ALONE!!!!
WRONG! It will not be something to look forward to. When a colossal fund like Fidelity is pushing for some change, do you honestly think its going to help "the small investor" or even the independent daytrader? Hah! They're greedy asses are looking to add to their bottom line. I agree that the specialist system needs to be fixed, (preferrably the NYSE going to nickel spreads so orders don't get pennied to death), but not eliminated. When mom & pop put in their market order in a fast market after all of the MMs have dropped thier bid by $10, then they'll wish they had the specialist system back. If you can't find the edge trading the last standing auction market, then go trade NASDAQ, DAX, or some other electronic exchange. axe
Nickels spreads for all stocks ( listed & OTC) trading over $10 dollars. If not for the grandstanding shit for brains politicains, the SEC might....might consider. Comment letters would be 99% for the change. In reality the Cubs have a better chance of winning the World Series.......Oh well
RE. the tide is turning against specialists Don't kid yourself. American stock and commodity markets are the biggest legalized RACKETS in the world. The little guy will just get financially RAPED in a different way and the system will make sure it's done better.
We all know the abuses that can happen under the specialist system. However, eliminating it doesn't ensure that the markets will benefit. Order comes at a price. People aren't perfect, and neither is technology. Any organization will have its lapses. Of course, if the lapses become the rule and not the exception, then something needs to be fixed. Exchanges exist to facilitate orderly markets. Specialists are paid to be there. If they are eliminated, who will take their places? Fidelity? SOES Bandits? "Market-Makers-At-Will?" At times, they will all be there. But at times, they will not. Is a decentralized, 'virtual exchange' really an exchange at all? And, do you think that overthrowing the 'old guard' means that a 'new guard' won't take its place? Will a new guard that is less subject to regulatory scrutiny than an organized exchange really be better in the long run? It's an interesting time. Revolution is in the air.
so how are the euro markets coping without specialist??? anyone trade those equity markets, are they not centralized???
Lots of markets trade without specialists, right here in the USA. Markets do best when there is a core commitment of participants. NAZ calls 'em Market Makers. NYSE calls 'em specialists. They are the infrastructure of a market. I'd rather have them running it than Fidelity or even a guild of screen traders.