Amex does not have a direct plus system. If anything Amex fills are direct minus. Ask any QQQ trader about lousy fills
I had the pleasure of trading some nasdaq stocks with AMEX participation this morning for the michigan sentiment number. Talk about killing moves. I don't even want to hit the AMEX unless everyone else can because he kills all the moves anyway so if I was the only one getting filled I would just be churning myself up because the moves don't go anywhere anyway. For me just another reason not to trade the nasdaq until they get this fixed where it is automated and fast like all other participants. I can't figure out how they rolled this one out in this format.
Again, Dont worry about these guys -- Supermontage will trade right thru their quotes. All UTP's are eligible to particapate in Supermontage -- the Chicago stock exchange will be -- if AMEX really wants the business --why dont they participate and make their quotes automatically executable - but wait, if they did that they couldnt rip people off for .05 on every trade !!!!! I realize some people may be good at trading with the specialist - but to me, in the year 2002 - the fact that they still get away with their games is unbelievable. Look at what is happening - the volume of trading in individual stocks has been decreasing while the trading in ETF's on Island has been soaring - people are tired of the specialist games --
Problem is are they really going to roll out supermontage on time. They keep pushing it back for various reasons. Have you heard the most recent date now for really rolling it out?
I don't think you're right about this. Check with your BD or clearing firm. AMEX does have a direct plus system. It might not be active for NASDAQ stocks. The rules of their system is almost the same as the NYSE NX, every 30 seconds.
Every 30 seconds? Not sure what you mean by this. I tend to agree that AMEX does not have a system similar to the NX on NYSE (which is instantaneous). If such an AMEX system existed, then why would the AMEX quotes be so slow to update on the QQQ's? If you ARE aware of such a system, could you provide a link to more information about it. It would certainly be useful, if every available. -Eric
I will be back in the office on Tuesday and I will get more information on it. I could be wrong, but I remember having a discussion about this with compliace.
Amex does have a system similar to NYSE Direct+ but it works only on certain issues on the Amex. It's called NETS. They should have the entire Amex on the NETS by the end of the year. PS- the 30 second rule on the NYSE is: http://www.daytradingstocks.com/cgi-bin/yabb/YaBB.pl?board=Stocks_Daytrading;action=display;num=1026317077 Go to my 3rd post on how it works titled "How NYSE Direct+ Works" Jeff-- OES
http://www.daytradingstocks.com/cgi-bin/yabb/YaBB.pl?board=Stocks_Daytrading;action=display;num=1026317077 or the one labled Listed Market in Subject.