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Strategies & Market Trends : From the Trading Desk

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To: GrnArrow who wrote (3790)11/5/1998 6:54:00 PM
From: bazooka  Read Replies (1) of 4969
 
steve,
i must comment again on how happy i am to see a discussion on listed stocks (good questions Grn; i hope others post as well). let me add some more fuel to the fire. i understand that the PCX is open 30 minutes beyond the NYSE close. are the post-close prints i see going off coming from here or are they from instinet (or both). do the other regional exchanges have pre/post hours. whats your experience as to price improvement on the regional exchanges. PCX states:

"Specialists at the PCX have been shown to improve the
nationally displayed best bid or offer over 40% of the
time."

today on DOT, i put in an order at the bid and i didn't get filled until about 30 secs. later; however my fill was an improvement. was the specialist waiting for an offsetting order before crossing me? why wouldn't he just fill me at the advertised bid. how long does the specialist have to readjust his market when buyers are coming in and there are no sellers (or vice versa)?

aside from super dot what are the other electronic ways to access the listed exchanges; (is there anything similar to how NAS stocks trade on ecns, etc?) does AMEX work the same way?

as always your insight is appreciated.

bazooka

btw- i definitely would be interested in another chat session on this subject (i still have many questions to ask; you are the best resource i have found- i am very grateful)
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