Hi Tim!
As per your invite, I thought I'd stop by and introduce myself again and answer any questions individuals have about the markets, execution systems, ECNs, auto-ex systems, etc. and our firm, Yamner & Co., Inc. Tim had asked that I stop in as many traders had been having a horendous time with their online firms and direct order entry firms.
Let me preface any comments I might have with a few things. 1st, for those unfamiliar with who I am, I head a trading desk in NJ, Yamner & Co,., Inc. a firm that has been around for more than 22 years. We offer more than 25 execution systems (not just the soes, snet, ecn) but several auto-exe systems and many proprietary processes that utilize combinations of others. We offer direct access to our trading desk by phone, video conference server, ICQ and email. In the worst internet environment or the best, our guarantee is that a trader able to work your trade and give you an autofill will answer the phone within 2 rings. We have never failed that promise.
For those with 56k or better connections, our CuSeeme support is pretty sharp and a fulltime, dynamic, means of keeping in touch with us. All this connectivity doesnt mean anything unless the quality of execution is superior once the order is worked.
We have been able to fill marketable orders nearly instantaneous even in the midst of the recent trouble plaguing the market, particularly the internet stocks. Market orders on even the wildest internet plays are getting filled in seconds. The key is the plethora of venues we have for your trades. As I mentioned, in addition to the standard soes, snet and ecn which each have their place, we have about 20 other systems and combinations of systems for working orders.
Take a look at our site and in particular the review of our firm by Gary Smith of the thestreet.com. Our site is yamner.com
As well, take a look this SI thread which can offer great insight into trading the markets, execution systems, and all those questions you always wanted to know about the market operations.
Subject 15612
Please excuse that small segment of self-serving commercialism. Tim asked me to introduce myself and our firm. I think that is done. NOw , onward.
In my opinion, heading one of WallStreet most reputable trading desks, the past few weeks, in climatic fashion, have gotten incredibly difficult to navigate. The speculation surrounding internet stocks their tendancy to jump 2 points in fifty seconds, has caused market makers to be very, very hesitant in working orders. And since they own the sandbox, and all trades, in some fashion , must go through market makers, well, its a tough environment that simply snowballs...one guy holds up another, and so and so forth..
The net...if you were watching CNBCX this am, you would have seen HERZOG up there saying they only were doing trades on best effort basis and need 15 minutes for market orders.
I heard a story, a gross story about someone that had an ONSL stop order when the stock was 109...put in a stop at 85...got filled at 55 and they are sticking the fill.
Personally, its a disgrace and the NYSE shows itself as the prime market to trade on in these environments. The OTC mms are turnig the tables in their favor even more so than usual.
As well, I can say that the right firm is everything. I take great pride in our ability to utilize autofill systems and ECNs and achieving nearly instantaneous trades even in the most volatile internet stocks over the past weeks.
If anyone has any questions about the markets, executions systems, problematic trades, how to handle a situation, how to best execute a trade, please ask.
Hopefully noone found this post too solicitous. Anyone who follows my thread will testify that it rarely is such. Tim specifically asked me to present such information and after confirming with him that it wouldnt offend the thread, I was happy to do so.
Regards,
Steve@yamner.com |
