Personally, I don't think you are a nasdaq hater! You are on the other side and of course you have to stick with your team! When I seen the headlines of Nasdaq suspending its own rules, I thought that was hiliarious! Imagine the nasdaq delisting 344 companies, which could increase in the near future. Ms. Greifeld (yes I said MS.) is comparable to a Police Officer... It is illegal to pass a red light but we all have to look the other way when an office breezes right though one!

by Mark T. on October 22, 2008 10:11 AM

I dont know what has changed over the last week, but the nyse has officially become nasdaq. It is hard to find a stock where the nyse quote is at the inside and or any real volume trades on it.

by josh on October 22, 2008 10:58 AM

josh you are right,

trading has become difficult because the NYS bid or offer is never inside. as a trader (big or small) there is no reason to post your size there because there is no tangible benefits over another ECN.(rebate, price discovery, etc) Why am i going to chose to place orders on DOT, when for all intents and purposes its just as electronic as other venues and ALWAYS has an inferior price? As a result, liquidity is vanishing, and moving to other ECNs. This, coupled with REG-NMS, is the exact reason why there is all this hyper-volatility on the open/close/news/large order/etc. Hopefully, this DMM thing solves some of these issues. I posted something similar to this a few weeks ago, if you care to read more.

by jt on October 22, 2008 3:48 PM

The NYSE has become an absolute joke. They are rarely on the inside quote and if they ever are its for 100 shares. There is no price discovery. The NYSE should be using this opportunity to petition the SEC and authorities to do away with reg NMS, reinstate the trade thru rule, and get rid of auto execution. What is needed most now is a transparent, liquid market with price discovery where blocks of stock trade, not an illiquid market dominated by algorythms and hidden orders were computers shuffle stock amongst one another all day. The NYSE has destroyed itself and its brand by whoring itself to the big brokerage firms who took it public. Now the public has no place to go for price discovery because there is no central market, and no liquidity providers, just a bunch of computers trying to game each other every second. It has destroyed the quality of trading and has become a detriment to the public good. It is an absolute disgrace.

by jack on October 22, 2008 9:05 PM

I would be careful before casting too many stones at NASDAQ for taking action during this market crisis to protect investors. There is no benefit to investors if these companies are delisted due to the financial crisis.

I do recall a little over a year ago that the NYSE created the "Fannie Mae" rule when that NYSE company was behing on their public filings. We all know how that ended.

by JVill on October 23, 2008 7:45 AM

Agreed. How is it that there is not more outrage over this?

by jt on October 23, 2008 8:22 AM

Ray,

Could you explain what the NYSE does with companies that are trading under $1.00? I thought I read that they get moved to NYSE Arca. Is that just their trading or their listing as well?

On another note, congrats on the ALEX switch but what happened with ADP? If I had to pick between the two, I would want ADP.

by Alan on October 23, 2008 1:07 PM

Alan -- Those issues continue to be listed on NYSE but until their stock price recovers they are traded on NYSE and other markets, not NYSE.

If you need more detail on that, it's described in this memo and this memo, and this SEC approval order.

Thanks for the congratulations on Alexander & Baldwin. Sorry, you'd have to ask ADP about their move; that's their decision and I can't speak for them. Me, I'd prefer not to pick one or the other; I want to keep or get every one that qualifies. But I'm greedy that way. Thanks for writing, Alan.

by Ray Pellecchia on October 23, 2008 2:26 PM