a specialist has a license to steal. The crap they get away with is wrong. They will screw you every chance they can, but guess what? That is the game. And I like the game, but I don't ever use market orders.
market order with a thin stock:eek: you handed over your wallet and said please put some money in it but instead they took money out and you are surprised? LOL
All you need to know is the NYSE: 1) Does not always honor their quotes with auto executions 2) Does not immediately display your limit orders There is a visibility problem. Trade at your own risk.
Does it also depend on which route you use? Whether it is ISI, ARCA..... I still do not know which one is better. That's why I try not to trade listed stocks.
Listed is easy Everything goes to only one place so use that route. DOT or ISI will go to the exchange floor. Arca is a search feature ECN it will first go to the ECN's than the Specialist. Do not expect to have the specialist give you fills through Arca. Usually Arb's are who give you fills. Now Nasdaq well you've got your SuperSoes for Market Makers Than you can use Select Net as a Broadcast to all of them or Preference one of them as a way of communication. Than there's Island and Inca and Arca and BRCD and NXTD and than AMEX than Track Than Attain than GNET than DORS and I'm sure I'm missing a few more. 15 routes...... or 1.
I love threads like this. Has everyone forgotten that the Naz MMs raped and pillaged for 25 years, and the OTCBB continues to do so? What they made an open practice of makes the occasional NYSE issue pale by comparison. As many who trade the NYSE for a living will attest, much of what people complain about are actually simple mis-understandings of how a specialist market works, how to interpret the quotes, the tape, etc. It's not a mostly-electronic market like the Naz, with simple firm ECN quotes. There's a whole world of floor liquidity that has to somehow be conveyed through a simple quote - something that can never be as "clean" as an electronic-only market. axeman: Would you give us the trade specifics please, so we can look at the tape and see for ourselves? What stock, date, exact time (as close as possible), and size did you try to sell? What broker was this through? Did you raise the issue immediately with them, and did they in turn call the NYSE immediately to get an explanation, and what was it? I'm not saying bad things don't happen, but there is market surveillance, there are trade inquiries, and people do sometimes get justice when it is due. tradeoes: right?
The specialist usually only accounts for 20% of the volume. It might have been somebody pulled their bid and there were no other bids. Did that bid print? Or was it canceled. Robert
rtarhp: You can also use OES for listed. Not that I'm bias or anything but I think it is a great line to NYSE executions. mskl: 1. Know the rules for NYSE Direct+. First off your broker has to have NYSE Direct+. Lots still don't. Second you have to understand when it works and when it doesn't. 2. If they don't show your limit, you can call your broker and have them call their DOT liaison or the specialist may be in the process of putting a large print and you may be part of it. The specialist try their best to make a fair and orderly market and sometimes that's not showing your order. Remember, they make a lot of money, the whole world is looking at them waiting to see them make a mistake, and they aren't going to lose it for your order. Just something to keep in mind. alanm: right on! Jeff-- www.tradeoes.com