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Strategies & Market Trends : Trading the SPOOs with Patrick Slevin!
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To: SE who wrote (5891)7/17/2000 5:38:59 PM
From: Esteban  Read Replies (2) of 7434
 
Sounds fascinating. I really should make a trip to observe the floor trading. I did not realize until this conversation that the open outcry trading was so unstructured. I initially thought the NYSE auction market under a specialist's direction was typical. I haven't witnessed the NYSE in person either, but I have been able to use b/a information reliably when trading NYSE stocks electronically.

Now what? Seems it would be very important to have a broker who is working your order on your behalf and not his, since trading off the floor is basically trading completely blind. I wonder how market orders, or limit orders that are marketable, are represented on the floor. How is the best price available negotiated? I suppose the floor trader who gets your ticket scans for the best price available and tries to get that fill, without actually advertising that he has a market order. Just speculating.

I can imagine other scenarios that don't bode well for the off floor trader. Any thoughts about whether orders from the public are handled equitably? Are fills pretty standard and reasonable, from broker to broker? So far the fills I've gotten have been as expected based on the time and sales, sometimes a little better. But it's very hard to judge, because of the reporting delay on the full contracts.

Esteban
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