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Rob Barnes wrote:
>
> Robert T. Dombrowski wrote:
> >
> > Rich,
> >
> > Contrary to popular wisdom, I often daytrade thinly traded issues - say,
> > 40,000 to 50,000 shares per day. What I consider to be a starnge
> > phenomenon occurs occasionally. I'll sell well above my ask price.
>
> Robert and Eric,
>
> Nothing to do with Don Green, but of getting an execution better than
> your posted bid or offer. I believe that NYSE has a provision in their
> rules that, in the event of someone wanting to put up a large block
> outside the current bid/ask, the trader doing the print will have to
> fill all the bids/offers down/up to the print price at the print price.
> This can happen after the open.
>
> Example. morgan staley has matched a buyer and seller for a large bock
> of an illiquid stock at $22. But the stock is $23 bid. All the orders in
> the book down to $22 will be filled by Morgan at $22.
>
> If someone out there knows any more about this rule please post it, as I
> am not current on many of the NYSE rules as I usually trade canadian
> markets.
>
> Rob Barnes:)
This could be correct , I guess I assumed the "thinly traded stock" was
on Nasdaq. I am not current on the NYSE rules either so I should
probably stop commenting on this thread , right?!?! :)
Eric
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