>>"no bids" on BCE a lot today...
I'll bet you it bothers me more than you. I've mentioned before the cumbersome system here in Montreal, and this is one of the aspects I mean. An incoming tradeable order "blanks out" the opposite side for thirty seconds. Also, when the underlying moves quickly and limit orders in the book become viable, the quote 'stops' at the offer (in this case) and drops the bid. Multiply this by the number of series we have, add in the time it takes to find the order, have the clerk "confirm" it, and wait for the system to clear the offer, recalc, and post the correct offer, assuming there isn't another offer behind, and you have a very frustrating scenario. The problem is compounded by the system printing out a "touched market" notice for every such order, not once, but every time the system recalcs, and you have yards and yards of tickets spewing out of the printer...incoming orders, fills, CFOs, and the dreaded "touched market" reports. It's a miracle more orders aren't missed. By the end of the day the floor is ankle-deep with "touched market" tickets. My post clerk is learning a lot of English swear words. (To be fair, he's teaching me a lot of French curses.)
The ME and the guys here know the system is flawed, but the exchange is unwilling to spend any money fixing it apparently because all their efforts are geared towards fully automating. We're expected to grin and bear it and keep the lights on until automation comes...hardly an appealing prospect.
I haven't heard anything about NASDAQ coming to Montreal, but that would be interesting; the most iniquitous trading system in the world combined with the most cumbersome. There's a marriage made in heaven.
Please bear in mind these are only my opinions. Your mileage may vary.
Happy trading.
Porter |
