Waiting for the big Kahuna Message Board

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Strategies & Market Trends : Waiting for the big Kahuna

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To: Joseph G. who wrote (4836)	9/1/1997 4:45:00 PM
From: kas1	of 94695

i can't believe i'm wasting my time on this. but here's the nyse on the role of specialists. nowhere does it say that it is their job to keep prices up. the link is nyse.com Specialists NYSE-assigned dealers, also known as specialists, perform a role that could be compared to that of an air traffic controller. Just as controllers maintain order among aircraft aloft, specialists maintain a fair and orderly market in the securities assigned to them. Specialists perform four critical functions. They provide a conduit of information -- electronically quoting and recording current bid and asked prices for the stocks assigned to them. This enables current price information to be transmitted worldwide, keeping all market participants informed of the total supply and demand for any particular NYSE-listed stock. Specialists act as agents, executing orders entrusted to them by a floor broker -- orders to be executed if and when a stock reaches a price specified by a customer. Those instances when there is a temporary shortage of buyers or sellers, NYSE specialists will buy or sell for their own accounts, against the trend of the market. They are not, however, required to fund all the liquidity for the market at any time. These transactions represent a small portion of trading. The vast majority of NYSE volume is a result of public order meeting public order -- individuals, institutions and member firms interacting directly with each other. The specialists act as catalysts, bringing buyers and sellers together, so that offers to buy can be matched with offer to sell.

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