- Sep
- 30
- 2008
- 5:43 PM
Dow Jones: 'Specialists' Moves Mon May Have Staved Off Bigger Mkt Fall'
- By: Ray Pellecchia
- File Under: NYSE
"Black Monday could have been even darker," reports Dow Jones Newswires.
« August 2008 | September 2008 | October 2008 »
- Sep
- 30
- 2008
- 5:12 PM
NYSE Circuit-Breaker Levels for 4Q
- By: Ray Pellecchia
- File Under: NYSE
Fourth quarter? Yes, it's here tomorrow. Time flies when you're having, er, um....fun?
- Sep
- 30
- 2008
- 4:09 PM
NYSE Specialists More Than Doubled Their Trading Amid Yesterday's Crisis
- By: Ray Pellecchia
- File Under: NYSE
NYSE specialists executed 141.5 million shares, or more than double their average participation of 63.4 million shares year-to-date. When everyone else was running for the exit, particularly at the close when risk was greatest (because who in their right mind wanted to go home long?) specialists stepped up their capital commitment, to counter plunging prices.
If you don't think much of that, I ask you: who else was stepping up like that, especially at the close?
- Sep
- 30
- 2008
- 12:05 PM
LRP Ranges to Double, Effective Wednesday, 1 October
- By: Ray Pellecchia
- File Under: NYSE
LRPs are a bit too market-mechanics-minutia for some of you, but many of you traders have written to me about them. You've asked us to expand the ranges because the LRPs are triggered too easily, interrupting the flow of trading in a way that was never intended. Again, thanks for your input; we hear you.
- Sep
- 29
- 2008
- 5:29 PM
Duncan: 'Country Needs This [Bailout] Proposal'
- By: Ray Pellecchia
- File Under: NYSE
'Main Street is connected to Wall Street whether people realize it or not. I think that's evidenced by what you're seeing in the market today."
- Sep
- 29
- 2008
- 9:15 AM
WaMu Suspended; Rule 48 in Effect
- By: Ray Pellecchia
- File Under: NYSE
This NYSE Regulation press release announces that we're suspending WaMu common stock and two preferred issues.
- Sep
- 29
- 2008
- 8:39 AM
New: Consolidated List of Do-Not-Short Issues from Three Exchanges
- By: Ray Pellecchia
- File Under: NYSE
You can hate the ban on shorting these stocks, love it, or be indifferent, but at least it's easier to find which stocks are covered.
- Sep
- 26
- 2008
- 2:43 PM
The Difference Between NYSE and Nasdaq: Who Is Master, Man or Machine?
- By: Ray Pellecchia
- File Under: NYSE, NYSE Arca
I don't intend this to diss electronic markets. Again, they did exactly what they were designed to do, and that's exactly what some people want markets to do. But I do intend to underscore something that is often misunderstood and misstated: The real struggle in markets is not man versus machine; it is machine versus man-with-machine.
There is a clear difference between NYSE Euronext and Nasdaq OMX, as illustrated last Friday, and that difference is choice for issuers and their investors and traders, and that difference is people. Even in this day of automation, choice and people really can and do make a positive difference.
- Sep
- 26
- 2008
- 9:04 AM
NYSE To Do One Trade in WaMu
- By: Ray Pellecchia
- File Under: NYSE
"Consistent with Reg NMS, NYSE will open WM and WM PRK for a single transaction, then immediately place it in an Operational Trading Halt under the NYSE Sub-penny Pricing rule.
Firms should cancel any orders in WM and WM PRK that are not executed in the Opening transaction. After the close of business today, NYSE will cancel any unexecuted orders in WM and WM PRK.
"Beginning Monday, 29 September 08, trading in WM and WM PRK will continue at NYSE Arca and other markets. Orders routed to the NYSE will be routed to NYSE Arca, with NYSE Arca pricing applied."
- Sep
- 24
- 2008
- 9:05 AM
Update on Do-Not-Short List, Plus Webcast Today About SEC's Order
- By: Ray Pellecchia
- File Under: NYSE, NYSE Arca
On the same subject, we're doing a Webcast to our listed issuers today about the SEC's order and its implications for the market, featuring our CEO Duncan Niederauer and Rick Ketchum, CEO of NYSE Regulation. It's available for anyone to tune in.
- Sep
- 23
- 2008
- 3:57 PM
Normal Close on NYSE Today
- By: Ray Pellecchia
- File Under: NYSE, NYSE Arca
"Consistent with the NYSE understanding of SEC Short Sale Rule and upon advice from the SEC, the NYSE will conduct a normal close today for its securities. NYSE expects its Specialists to close their securities using standard closing procedures."
- Sep
- 23
- 2008
- 8:35 AM
Another 40 Issues Added to the Do-Not-Short List
- By: Ray Pellecchia
- File Under: NYSE, NYSE Arca
This Trader Update has the additional names, even in a handy Excel spreadsheet. Separately, on the historical trivia front: greetings from the New Jersey Stock Exchange.
- Sep
- 22
- 2008
- 9:55 AM
Updated List of NYSE Issues for SEC's Short-Sale Order
- By: Ray Pellecchia
- File Under: NYSE, NYSE Arca
We just issued a Trader Update with the latest on the SEC's short-sale order, including the addition of 31 issues.
- Sep
- 19
- 2008
- 2:36 PM
Record NYSE volume at today's open
- By: Ray Pellecchia
- File Under: NYSE, NYSE Arca
I was on the trading floor at the open today, and it felt like it hadn't felt in months -- more people, more intensity, a lot of capital being put to work. I've got to tell you, it felt good. I don't know if it was the quarterly expiration, the market rally, the news on short selling, the news on a federal solution to the financial crisis, or some combination of these. It wouldn't surprise me if today's participation by the trading floor in NYSE volume is again markedly higher than in the recent past.
- Sep
- 18
- 2008
- 6:00 PM
Record Use of NYSE Broker Algos Today; Whole Lotta Messages Goin' On
- By: Ray Pellecchia
- File Under: NYSE
A vote for high-touch when markets are rough and volatile. Our trading floor has high-tech tools, such as the broker algos, but there's a human behind them, not some bot you can't call. Old School meets New.
- Sep
- 18
- 2008
- 3:44 PM
NYSE Proposes Doubling LRP Ranges
- By: Ray Pellecchia
- File Under: NYSE
"If an LRP is triggered too frequently, trading in the security is overly restrained and does not meet the competitive needs of NYSE customers. As such the NYSE believes that doubling the current LRP value ranges will better facilitate the natural trading pattern of a particular security."
- Sep
- 18
- 2008
- 12:31 PM
Quarterly Expiration Plus S&P Rebalance Takes Place Tomorrow
- By: Ray Pellecchia
- File Under: NYSE, NYSE Arca, Options
Plus, on this day in 1873: Cooked.
- Sep
- 17
- 2008
- 9:19 AM
Another Day, Another Rule 48 on NYSE
- By: Ray Pellecchia
- File Under: NYSE
That's three days in a row; first time I remember that happening. Says something about the times we live in.
- Sep
- 16
- 2008
- 9:15 AM
NYSE Rule 48 In Effect Again Today
- By: Ray Pellecchia
- File Under: NYSE
If you're not already subscribing to our alerts and updates, you might want to consider it -- lately we've been putting out a pretty active stream of information on newsmaking stocks, trading halts, product updates, system issues, etc.
- Sep
- 15
- 2008
- 7:14 AM
NYSE Rule 48 In Effect Today
- By: Ray Pellecchia
- File Under: NYSE
As a reminder, Rule 48 says:
1) It is not mandatory to publish pre-opening indications.
2) Hold onto your hats, or grab onto some part of your person.
- Sep
- 12
- 2008
- 3:18 PM
UAL, moldy news and robots in charge
- By: Ray Pellecchia
- File Under: NYSE
Reuters reports: A Nasdaq spokeswoman said the exchange operator halted trading in UAL stock after it was contacted by the company.
- Sep
- 10
- 2008
- 1:11 PM
We, Robots: UAL Hit By Perfect Storm Where Nobody Is at the Switch
- By: Ray Pellecchia
- File Under: NYSE
So let me see if I have this all straight:
1) A piece of software mistakes old news for something new, and the mistake is passed around electronically from site to site without the benefit of any human editor anywhere in the process to say, "Hey, wait a minute..."
2) The erroneous "news" is read and traded on by, at least in part, machines without the benefit of any human trader to say, "Hey, wait a minute..."
3) Those trades are sent to the stock market that actually prides itself on having no specialist at the switch to say, "Hey, wait a minute..."
4) We humans are shocked, shocked that such a thing has occurred.
It is no accident it occurred; we have designed a world in which the only surprise is that such things don't happen more often.
And as I mentioned yesterday, we have a different model here: fast, but with people at the switch. We demonstrated that a little more than a year ago, when people here jumped in to prevent a big, erroneous order from getting very far, as discussed here at the time.
- Sep
- 09
- 2008
- 1:28 PM
Yesterday's erroneous plunge in UAL could have been prevented
- By: Ray Pellecchia
- File Under: NYSE
On NYSE, people who have assigned responsibilities to make fair and orderly markets in specific issues take action before such mistaken news gets to be much of a problem. On that other market, not so much.
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