|
PureBytes Links
Trading Reference Links
|
In the early 80's the term Ginzy was used to describe a split fill done in
bonds that was a "prearranged " trade of half at one price and half at
another. This was particularly useful in bond spreads that traded in 32nds
when both sides really wanted to do the trade in between the bid and offer.
Like all prearranged trades it is illegal. I was told that it was named
after a guy who popularized it. I'm sure that it is still done in many
pits for good reason.
Your NY experience sounds like predatory fills.
Jim McConnon
jmcconno@xxxxxxxxxxxxx
"This is the life you have chosen" - The Godfather
----------
> From: Brian Massey <bnm03@xxxxxxx>
> To: omega-list@xxxxxxxxxx
> Subject: More NY Market Thievery...
> Date: Saturday, March 28, 1998 10:09 PM
>
> 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.
>
>
|