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All,
I trade the NY markets quite a bit and have encountered a filling technique
that so far is quite unique when compared to Chicago. In some cases when I
enter an odd lot order say to buy 3 CC or SB, I'll get filled at one price
for 2 contracts and 1 tick higher (or lower for a sell) for the 3rd. I
always just blindly assumed that the price was moving while the transaction
was occurring and so being that it was NY, I got the higher fill on 1. But
a buddy from Chicago had a different take on that situation. He said that
it was due to a NY phenomena known as ginsuing (sp??) where the floor
trader will take an extra tick because of the odd number of contracts.
Apparently this is common practice in NY but I've never, in the hundreds
of trades I've placed, experienced it in Chicago or the Midam.
Has anybody else experienced this and could elaborate on what exactly a
ginsu is/why it happens.
Thanks,
Brian.
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