This is Macedonian. The article says that NYSE was finally "penguin-ized" (Linux logo is a penguin).

by Alex on January 8, 2008 9:09 AM

Thanks, Alex! Yes, I know the penguin. Penguin-ized, I love it! Again, thanks for letting me know.

by Ray Pellecchia on January 8, 2008 10:35 AM

maybe instead of trying to learn different languages we should be focused the unadressed problems with hybrid 1,2,3 or whichever number we are at now. Namely: Backing away. Its pretty discouraging when u try to buy or sell stock when there is plenty offered or bid, and receive 0. Seriously, what are you guys doing over there? WHAT HAS CHANGED? I think most of us have been pretty patient. But C'mon, lets be honest with ourselves, what has changed since its inception. Widening LRPs? Wow, thanks for that. Fact is, NOTHING substantial has been done to improve the QUALITY of trading or the way NYSE stocks operate.

by jt on January 8, 2008 2:33 PM

I with you JT. Its terrible right now. Mr.Thain created this hybrid which has been a disaster so far then walk's away. The new leadership at the NYSE must correct the obvious problems ASAP. I think the customers of the NYSE have been very patient so far but something needs to be done now. One more time: Matching, Price Improvement, More specialist involvement, better liquidity. Thanks.

by tony dey on January 8, 2008 5:18 PM

I don't really agree with some of the characterizations of our market, and imho, if John hadn't created this model, all the other markets would be trading through us at will, and we'd be out of business by now. But I can say this: we've put forward changes in price-improvement rules, capital requirements, odd-lot handling, reserve requirements and many other areas. Even bigger changes are pending approval or will be put forward in the coming weeks, to increase price improvement and specialist provision of liquidity. Your message is heard, and we're doing all we can.

by Ray Pellecchia on January 8, 2008 5:36 PM

Thanks Ray. I guess we just disagree on some things but the current Hybrid doesn't work well right now. Talk with anyone who actually trades any type of decent volume on the NYSE and you will here a lot of what we are complaining about. Everyone is having the same issues with the lack of liquidity and so on. Stocks make huge swings on 100 share prints. No stability when in the past the NYSE was the BEST place for stocks to trade. The NYSE has done a complete 360 since the Hybrid. One thing is true: the NYSE WILL NOT be in business much longer if the changes are not made very soon. I really do appreciate your blog ray, its the one positive thing that was changed. Thank you.

by tony dey on January 8, 2008 6:17 PM

As i have written before, pre hybrid ecn's would still trade through the ny quote. It didnt matter because the majority of large orders got done on the venue that meant the most. The NYSE. If a small percentage of people want to trade through the best quote for the quickest execution, let them. The people who want to wait for price discovery and improvement will wait because it is worth it. Or at least it was worth it. As we all know, price improvement almost never happens.
I still think reg nms is seriously flawed. Traders should have the right to choose how and where they want to execute there trades. Reg nms takes that choice away, and has forced the nyse's hand in creating this hybrid system.
Bring back traders choice and human involvement and watch the NYSE become great again.
Thanks,

by josh on January 8, 2008 7:58 PM

Since reg-nms I have noticed an increase in the amount of triple digit days up or down. Could it be that the Specialist no longer have the ability to provide liquidity like they had in the past...

by Tom on January 9, 2008 10:18 AM