I didn't read one, did you? Market makers....man, i am in the wrong job! <G> but you have to be able to sleep withyourself at night, and there is something disconcerning about spending half you time defending why a trade didnt get done, cloaking yourself behind words like, manning exclusions, etc. when it comes down to the fact that you tried to get greedy, make larger spread, it moved against you and rather than make the client good, nothing done.
There is more to making money each andevery time. perhaps firms should evaluate their services in relation to the importance and responsibility that investors play with them. If ABCD mm gets an order, sure give it a try, try to make a market and a little more for yourself. While Yamner never makes markets or acts as principals in stocks, I can see how mm's feel it is their job. After all, they are MARKET MAKERS.
Yet, you screw the pooch, you blow it, it moves against you and you dont bother to hit bids, but take the approach, "screw it, tell the client nothing done..let him go to artbitration..", well, if anyone is taking that approach, listen up....it sucks....it seems an inherent violation of what the definition of broker implies. It implies agent, which they act, walk, and talk about, yet they are principals. Heck, what if the trader handling your order at the market maker or your firm is an idiot, inexperience..not only are you now held to your skills in picking and timing, but you are held to their skills in execution....
You want to have a strong relationship with a firm, so that the very, very last thing you are worried about is getting screwed. Sure occasionally bad trades occur, markets move wicked fast, bids tank, and mm step away, but your firm should be going to bat for you, arguing and fighting to the tilt for each and every trade.
Time limit...didn't see one defined...seemed open-ended...on an "arbitration by arbitration basis". It doesnt seem that difficult, you give an order to the firm, they shoud discriminatorily decide which orders are routable to a market maker and which should immeidately go to an ecn....at an ecn, it cant trade through you , generally.
Regards,
Steve@yamner.com
Regards,
Steve@yamner.com |
