to NYSE traders..are there any autofills on small orders?

Discussion in 'Trading' started by paboyy, Jul 6, 2007.

  1. paboyy


    Hi guys, I'm wondering if you can get an autofill on a NYSE stock for 200 shares automatically, or is it still up to the specialist to execute and hence screw you on small amounts..

    I remember back in 1997, NASDAQ market makers would give you auto execution on the first 500 or so shares immediately... Is that true for NYSE>?

  2. You get automatically executed on orders of up to 1,000,000 shares provided you don't need to pay up more than 25 cents on a stock between $25 and $50 and more than 50 cents on a stock between $50 and $100.

    The specialist pretty much does nothing now.
  3. paboyy


    thanks for the sarcastic response..seriously, does anyone know? There's no way you could get even a 10,000 share autoex..I worked on the nasdaq floor, and you could get maybe 1000 autoex at best
  4. Seriously.

    Under NYSE Hybrid system, orders under1,000,000 shares get automatically executed with no specialist involved.

    I'd repeat what FXTraderWill said: a specialist has a little to do these days, just open/close, seldom price improvements, LRP handling...
  5. paboyy


    I'm sorry, i should rephrase this questions. When I talk about autoexecution, back in '97 if even only 100 shares was offered at the offer, you would AUTOMATICALLY get up to 1000 or so (depending on the stock) shares filled at that price.

    Hence, in a fast moving market, the market maker could be short a ton because of multiple autoex orders..

    The hybrid system you are showing is just that orders will be automatically excuted against existing offeres, but what i mean, is that in a fast moving market, can you get the exact price excuted on small shares at the best offer shown by the specialist as was done on NASDAQ (this applies only to orders routed to MM's via a brokerage account such as etrade or ameritrade, not ecn orders which would only match pers share basis on the book)
  6. :D

    That must have been quite a feat.
  7. You'll get exact price showed on the offer unless the specialist steps in and improves the price (rarely happens these days though). If your size is bigger that the offer size you'll sweep the book, unless there is reserved size (applies to floor trader and specialist quotes, but they have to show at least 1K on the top of the book).

    What you see is what you get. That's the "beauty" of Hybrid - it's NASDAQ like execution system combined with whatever is left from the specialist system :(