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When an NYSE specialist wants to step ahead of a market on another exchange
they simply price improve by $.01 to do the order. When we traded in
fractions the % of business done by the NYSE in their names was actually
lower than we dropped to pennies. This sound like a good thing except one
should not confuse b/a spread and liquidity. You can find a lot of issues
that trade with a $01 or $ 02 spread, but few that you can do any real size
in.
-----Original Message-----
From: Neal Chabot [mailto:sire@xxxxxxxxxxxxxxxx]
Sent: Thursday, March 21, 2002 4:02 AM
To: realtraders@xxxxxxxxxxxxxxx
Subject: [RT] NYSE Penny Trading
----- Original Message -----
"Jacobson, Alex" wrote:
> This is driven by penny trading that allows the NYSE specialist to price
> improve by a penny and keep the the order there as opposed to being sent
to
> an ECN.
Alex, Could you give an example of this?
You mean an existing order on the specialist books or a limit order that
comes in FOK or what?
Neal
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