“Like the Exchange itself, our specialist firms and floor brokers continue to be more productive,” said Nelson Chai, Chief Financial Officer and Executive President, NYSE Group. “They are able to handle increasing order volume with greater speed and efficiency, thanks largely to improvements in technology and automation."
And HybridTalk goes high-art. Really high, like, the ceiling.
And on this date in 1929, Wall Street lays an egg.
The implementation of Hybrid Market Phase III takes no time off to go trick-or-treating.
A reader asks about the rule governing when specialists can charge for limit orders.
...as the catcher/philosopher Yogi Berra said. In terms of drawing conclusions about the impact of the NYSE Hybrid Market, it's still early innings here.
That will give us a total of 109 Hybrid Market issues. And for you fans of American and U.S. Presidential history, what does that number bring to mind?
The first results of the Hybrid Market Phase III rollout were mentioned in today's teleconference with analysts.
A reader asks about cancels in the Hybrid Market.
Actually, by the end of this week, we'll be up to 106 issues. That is, by the count of this math-challenged blogger.
A student asks whether we're going to stick with the LRP updates every 30 seconds.
A day trader asks what it means when we say that in the Hybrid Market, specialists can be more efficient.
A reader asks whether we'll make any changes in the Liquidity Replenishment Point value table.
A reader asks when the Hybrid Market will be "completely implemented." There is a date (read on), but don't expect us to stand still after that, because rust never sleeps.
A reader asks about the origins of Liquidity Replenishment Points. You see, a man came unto us on a flaming pie and said...
A student asks what happens when an automatic execution happens outside the LRP trading range. Kind of a trick question!
Jan Steenbergen is building a global bridge of understanding with his academic work on the Hybrid Market, contributing to the worldwide dialogue about the evolution of financial markets.
OK, I got a little carried away there. Here are more questions from Jan.
Welcome to Q&A Day. This one is about Immediate Or Cancel orders, and there's plenty more where this came from. Or as my old English Comp. teacher used to lecture me, "...no, no, Raymond -- never end a sentence with a preposition -- it should be 'from which this came,' Raymond!" Always with the Raymond. Well, sorry to disappoint, Mrs. Gunther. Raymond ain't writing no composition here.
Plus a neat view of your favorite planet, and scintillating trivia from the Treasury.
Some questions about OpenBook, NYSE Best Quotes, and more.
Jan Steenbergen is still diligently posing questions for his dissertation on how the NYSE Hybrid Market works.
A reader asks about participating "only in the auction."
A reader asks the "what and when" question about Phase IV of the Hybrid Market implementation. And I ask about the Fab IV and Frankie Valli and the IV Seasons.
NYSE InfoTools has gotten healthier, with the addition of retail and program volume tracking. Wanna see what it looks like? Check out the listed data pages on nyse.com.
"I have faith, like with every other bit of new technology, we'll be able to do our jobs quicker and better." -- Steve Porpora, William O'Neil & Co.
Your WWW BFF here, reporting on a new piece of VIP OTCBB content that is definitely not on the QT.
Plus, the Big Bopper and Bill Wyman.
A reader asks whether there's a difference between these terms.
IWB and IWF will go on Monday instead of today. This is due to a technicality involving a change in the primary market.
Nov. 1 is the start date for inclusion of NYSE Best Quotes in our NYSE OpenBook feed -- faster information, more streamlined, at no extra charge.
A reader asks: the Oct. 31 end date for the pilot -- is that a typo?
On Oct. 23, 2002, Earth glided into a solar wind stream flowing from a large coronal hole. The solar wind velocity remained high for more than a week--an unusually long time. Solar wind gusts triggered spectacular auroras for the next week.
And on Oct. 23, 2006, we'll activate another four issues in Phase II of the Hybrid Market implementation.
Just a quick reminder: we're adding 50 issues to Phase III of the Hybrid Market implementation today, and two more tomorrow.
D'oh! A misquote about slow quotes.
And the total number of Hybridified issues will reach fourscore.
A reader asks about the elimination of stop-limit orders. And nobody asks, but we add a little John and Yoko and Reggie. And OK, so I'm using another song title for a headline. Don't shoot me. I'm only the piano player.
A reader asks about the duration of the Phase III pilot, and next steps. And I borrow a title from Elton John and Bernie Taupin, because "Sky Pilot" just didn't work for me.
Here is the activation list in both .pdf and Excel formats. Plus, a glance back at who benefitted from the Crash of 1987.
A difference between the OpenBook inside and the inside quote indicates there is additional interest on the trading floor. The NYSE Hybrid Market provides you with tools to probe and access that interest.
Sharpening my mental blades. And the lawn-mower blade.
No, not the Dow -- the NYSE Composite Index.
A reader asks when we'll introduce Intermarket Sweep Orders. Plus, in the trivia department, the many meanings of ISO.
A reader asks: when you reach an LRP and in a slow quote mode, will the quote appear in the NBBO on the consolidated tape if it is at the inside?
Two pieces of news of interest to the trading community: a spec that contains the Reg. NMS IOC order, plus plans to create a trade-reporting facility.
A short Friday post to let you who gets activated on Monday.
I know I’ve been pushing the greens lately, but nyse.com has just gotten sweeter.
A reader's execution in a Hybrid stock was marked "non-NX fill." What could have happened?
NYSE Arca takes first-mover status in leading options trading into the penny era.
Bear Wagner Specialists tomorrow will have its first stock join Phase III.
A reader asks: when a stock goes into LRP, does it always default to display 100 shares?
David -- Under Reg. NMS, it is the firm's responsibility when sending an Intermarket Sweep Order to concurrently send orders to any market(s) posting a better price, and the firm must manage the double-execution risk.
A reader asks why there's a difference between the NYSE best bid and offer and what he sees on NYSE OpenBook.
Ah, sweet Fall. There are apples fresh from the tree, pumpkins fresh from the vine, and our newsletter fresh from the, er, internet.
As promised, here's word of new issues to join Phase III of the Hybrid Market. Actually, a bunch of words.
Now New York's best is easier and faster to get. And I'm not talking Junior's Cheesecake here.
A reader asks where to find information about how many times an LRP was reached.
I know, I know, you just want the names of the next batch of Phase III stocks – but let’s have some broccoli while we wait.
A sharp-eyed reader asks about the whereabouts of two new order types.
A reader follows up on his earlier questions about Liquidity Replenishment Points and going "slow".
We want to at least go through settlement from Friday and make sure everything still looks OK, and then go from there.
When did NYSE last trade fewer than a million shares a day? Plus, which of the Fab Four was born on this date?
A summary of media coverage of Phase III, Day I.
"Allowing computers to do the most mundane aspects of the specialists job will free them up," said Pastina, giving "time to focus on fundamentals and customer service."
Be the first in your neighborhood to have one!
"It doesn't matter whether you are a lion or a gazelle.
When the sun comes up, you better start running."
A reader asks about the rules of engagement for routing away, today and in the Reg. NMS environment.
A reader asks how the LRP levels were determined. I assure you, no dartboards were involved.
