Sep
30
2006

2:47 PM

Market as classroom: Saturday school

By: Ray Pellecchia: File Under: NYSE

Six billion shares on 1,500 doughnuts makes for a productive training exercise. And a 400,000 SPD ratio. That's shares per doughnut, as if you didn't know.

more »

Sep
29
2006

12:54 PM

NYSE: No extra fee for routing

By: Ray Pellecchia: File Under: NYSE

Rather than pass through the fee charged by the "away" market center, which is typically higher than our fee, we will simply charge the same amount as if the order had executed at NYSE.

more »

Sep
28
2006

11:45 AM

Q&A: Intermarketing

By: Ray Pellecchia: File Under: NYSE, NYSE

A reader asks about sweeps, slow vs. fast, and routing obligations.

more »

Sep
27
2006

1:10 PM

HybridTalk e-mail problem fixed

By: Ray Pellecchia: File Under: NYSE

Remember what Felix told Oscar in court: When you assume ...

more »

Sep
26
2006

7:42 PM

Where or when

By: Ray Pellecchia: File Under: NYSE, NYSE

Who knows where or when the first Phase III names will be announced? Read on, Rodgers and Hart.

more »

Sep
25
2006

4:40 PM

More Q&As re LRPs

By: Ray Pellecchia: File Under: NYSE, NYSE

When I find a stock's in times of trouble
the auction market comes to me
seeking the contra side,
LRP.
LRP, LRP, LRP, L-R-P.
Seeking the contra side,
LRP.
(Apologies to Lennon and McCartney)

more »

Sep
25
2006

1:41 PM

Q&A: More than a nickel away

By: Ray Pellecchia: File Under: NYSE, NYSE

A readers asks about auto-execution when the bid or offer is more than a nickel away from the last sale. Also: remembering Joey Nickles.

more »

Sep
22
2006

3:58 PM

New and noteworthy on nyse.com

By: Amy Farnstrom: File Under: NYSE

The nyse.com team has been busy lately, adding great new content for our customers.

more »

Sep
22
2006

5:38 AM

Q&A: When exactly will restrictions on Direct+ be lifted?

By: Ray Pellecchia: File Under: NYSE, NYSE

A reader asks whether the rules change all at once at the end of Phase III, or for each individual stock as it joins Phase III. The answer: ... well, you didn't think I was going to give it away that fast, without making you click, did you?

more »

Sep
21
2006

3:42 PM

People get ready

By: Ray Pellecchia: File Under: NYSE, NYSE

Lose the baggage, get on board.

more »

Sep
20
2006

12:47 PM

Q&A: Subscribing to HybridTalk

By: Ray Pellecchia: File Under: NYSE

Someone asks how to subscribe to HybridTalk. In response, to borrow a phrase from the Grateful Dead, "You don't know how easy it is / You don't know how easy it is to love you." And don't get any wrong ideas; that's how I feel about all HybridTalk readers!

more »

Sep
20
2006

6:18 AM

Whither GTC orders?

By: Ray Pellecchia: File Under: NYSE, NYSE

And you probably thought you'd never see the words "GTC" and "whither" in the same sentence.

more »

Sep
20
2006

6:07 AM

Reading our obituary, again and again

By: Ray Pellecchia: File Under: NYSE, NYSE

A trader writes:"They have been saying the specialists are finished since i started in this business in 1989."

more »

Sep
19
2006

7:27 AM

Hybrid Market FAQs are updated

By: Ray Pellecchia: File Under: NYSE

Nine questions and nine answers. Good thing it worked out all even like that.

more »

Sep
18
2006

2:53 PM

Now at NYSE, Marco Polo; and a better price on secondary offerings

By: Ray Pellecchia: File Under: NYSE

In the news: NYSE Group buys an interest in a leading trading network for emerging-market securities;and NYSE provides listed issuers with better pricing than Nasdaq on secondary offerings, according to a study.

more »

Sep
18
2006

1:26 PM

No retreat, no surrender

By: Ray Pellecchia: File Under: NYSE

A reader says: "Sooner or later you will have to realize and admit this market is going electronic." More electronic, no doubt; completely electronic, no.

more »

Sep
18
2006

1:25 PM

Home again, home again

By: Ray Pellecchia: File Under: NYSE

The correct answer to a trivia question gets a correspondent the grand prize of ... well ... er ... getting his name published in this here blog.

more »

Sep
15
2006

2:51 PM

Here it be: the new LRP

By: Ray Pellecchia: File Under: NYSE, NYSE

Setting value ranges and time periods for Liquidity Replenishment Points.

more »

Sep
15
2006

1:52 PM

To market, to market

By: Ray Pellecchia: File Under: NYSE, NYSE

A reader asks: when is a limit order "non-marketable"?

more »

Sep
15
2006

12:30 PM

Q&A: Do Not Ship

By: Ray Pellecchia: File Under: NYSE, NYSE

What happens when another market posts a better price, but you've marked your order with a Do Not Ship or Intermarket Sweep Order instruction?

more »

Sep
14
2006

1:04 PM

Naming names

By: Ray Pellecchia: File Under: NYSE, NYSE

Getting ready for the Great Hybridification.

more »

Sep
14
2006

9:32 AM

Q&A with an ECN

By: Ray Pellecchia: File Under: NYSE, NYSE

If anyone thinks I’m going to thumb my large nose at an ECN for competitive reasons, guess again, because I want to make sure they can continue to send us orders. I might be stupid, but I’m not crazy.

more »

Sep
14
2006

9:20 AM

NYSE Hybrid Market in the news

By: Ray Pellecchia: File Under: NYSE

"In general, stocks trade in a less volatile way here than they do in a purely electronic marketplace. And that's because there's no market-maker function in a purely electronic marketplace," Thain says.

more »

Sep
13
2006

6:23 AM

Hybrid 101: More on LRPs

By: Ray Pellecchia: File Under: NYSE

LRPs will be triggered by any event where pre-determined price point thresholds are exceeded, thus adding protection for erroneous order entry as well as market volatility.

more »

Sep
13
2006

6:00 AM

Q&A: Auto-routing scenario

By: Ray Pellecchia: File Under: NYSE, NYSE

A reader offers a hypothetical trading situation.

more »

Sep
12
2006

3:25 PM

LRP: Instead of or in addition to?

By: Ray Pellecchia: File Under: NYSE, NYSE

Will the new LRP replace the one proposed last month, or will it be in addition to it?

more »

Sep
12
2006

12:58 PM

Will LRPs be in the data feed?

By: Ray Pellecchia: File Under: NYSE, NYSE

LRPs will be disseminated in the NYSE Alerts feed.

more »

Sep
11
2006

4:26 PM

New monthly volume report

By: Ray Pellecchia: File Under: NYSE

Here's the August volume report for NYSE and NYSE Arca. Sorry, no numerical trivia, out of respect for the day.

more »

Sep
11
2006

12:09 PM

Q&A: Auto-routing

By: Ray Pellecchia: File Under: NYSE, NYSE

With the rollout of Phase III, NYSE will auto-route orders to better prices at top of book in other markets. That is, IF the better price is not matched electronically here, and IF those other markets can create better prices.

more »

Sep
11
2006

12:07 PM

Q&A: What if?

By: Ray Pellecchia: File Under: NYSE, NYSE

In the Hybrid Market, there will continue to be advantages to posting limit orders.

more »

Sep
07
2006

1:46 PM

Where be the LRP?

By: Ray Pellecchia: File Under: NYSE, NYSE

A new Liquidity Replenishment Point will be filed shortly. Soon it will be time for a Liquidity Replenishment PINT.

more »

Sep
07
2006

1:45 PM

In the news: a new listing from China, and an advisory on ETFs

By: Ray Pellecchia: File Under: NYSE

An online-education provider from China lists on the Big Board, and separately NYSE Reg. provides some online education of its own, for investors re: ETFs.

more »