People seem to be ignoring the fact that text ads are possible over the radio. A lot of local stations are not starting to pipe the name of the song/artist in addition to just the name of the radio, this gets displayed on the head unit of the car. As new cars start getting nicer head units with larger LED displays, what stops Google from using this space as a text ad? When people look down to see the name of the song, they get exposed to the name of a local pizza parlor. "Ah! Pizza! What a great idea! I want some now"
I really don't understand what everyone is arguing about.
1. If this was a direct-access trader, there would be no dialog box. In that kind of environment, every split second counts. On my platform, I have [SELL] [A] [B] [C] [BUY] where [A] is a drop down for venue (NYSE, ARCA, TSE, CBO, etc.), [B] is the quantity, [C] is the price; in such scenarios (and this is how many direct access platforms are built, you have lots of these little windows attached to market maker books strewn about your screen) it's easy to mix up [B] and [C] as they are just text fields.
2. In the US markets, such a key punch error would QUICKLY cause a halt in the trading of the item and a busting of trades a certain distance away. The idea is, unless you want to risk having one side of your trade busted (and being left with the other side, the one you put on to cover the extremely profitable trade), you better pay attention and not take the other side of a clearly erroneous quote. Sure, this leans towards protecting huge institutions which have little safeguards from making this type of mistake (few buying power restrictions), but it applies to everyone. I have had several after hours trades of mine busted as I read the number wrong and hit a price sometimes points away from the actual market, the regional exchanges aren't stupid and will realize this was a mistake and an erroneous transaction - promptly busting it after a phone call.
Honestly, are you retarded?
"I just want to be able to make some investments, in long-term positions, and not worry about a bunch of insiders gaming the system to their personal benefit."
How do you plan to make these investments? I don't "game the system", I make it more efficient, to the benefit of naive idiots like YOU. Again, when you go to buy stock, it's people like me that take the risk of undercutting the market makers and sell it to you.
Not enough liquidity to square off the kind of positions I had without costing me too much. Different cost structure as well (although I get close to clearing rate at CME)
no problem, I write C/C++ as a hobby, love these boards:)
yes, interest rate. you have to remember that I am a proprietary trader, I rarely have much capital, if any, at my firm (usually just what I have made so far in the current month): I'm buying on credit and am stuck paying a little over prime if I hold overnight. You may think this is not a lot, but consider that I may have $20,000,000 in positions (most hedged against general market movement by long or short SPY or futures).
Participating in the open is similar to what traders similar to myself do on closing imbalances. When NYSE approaches opening, the specialists collect orders into their book and as the time approaches begin giving indications as to where they think they will open the stock (and match all current OPG or market on open orders). My goal is to grab the other side of an imbalance, usually taking the form of an indication a large distance from the previous day's closing price, the same side that the specialist will be taking. I do this by putting orders for blocks of stock every couple pennies in the direction I want to take - I would do this on dozens of stocks as the open approaches, as much as I can handle. Even though there is practically no chance of even a fraction of my outstanding orders (sometimes approaching or exceeding a million shares), my buying power is still reduced. By entering the day with less buying power, I can't put in as many orders and therefore can not expose my self to as much opportunity.
The final closing price on the NYSE for a stock. Anyone who wants to trade on the final print, can, using market on close orders (to buy or sell). Primarily, it allows one to get out of any positions and get flat for the night at whatever the final closing price is (decided upon by the specialist). Secondly, it allows traders like me to "help out the specialist" meet the demands of a buy or sell imbalance on close, getting paid to take on the same risks the specialists do. Finally, professional traders have their daily profit and loss "marked to market", where even if they have positions open, receive credit/debit to their account overnight based on where their positions closed (the final print) - this is also used to calculate overnight interest in positions as well as margin needed to maintain the position. The fact that they simply stopped trading for the day forced me to keep several positions overnight, costing me some change (maybe $100) in interest but more importantly tieing up close to $5mil in buying power which I didn't get back until after the open the next day hurting my ability to participate in the opening.
I take very measured risks, I do not trade based on "technical analysis" and other crap. I do not work on wall street, I am private. I make a comfortable 7 figures, on track to do almost 8 this year - this is all from trading profits, not salary.
People like you take for granted the value of real traders such as myself, who get paid by the market to make it more efficient (think arbitrage, market making). I love it how people shoot down others when they have no idea what they're talking about, how do you plan to buy your 1000 shares of GE once every 3 years when no one will sell it to you for a reasonable price? Oh yea, me. Idiots.
http://themarkettruth.blogspot.com/
I assume this question pertains to the NYSE (all other markets are fully electronic). The answer is yes and no, a normal order enters the specialists book where his job is to match it, usually quite quickly. You can also use an NX feature for round lots to bypass specialist intervention - used when speed is more important than price.
Yes, on the average day I completely hedge myself using MOC (market on-close) orders, as well as open up some new positions against market imbalances on close to be closed off on the ECNs a few minutes after the close.
Frankly, you have no clue what you are talking about nor to whom. I don't "invest", I'm a professional trader - mostly US treasury future triangular cash/future arbitrage but also quite a bit in stocks (mostly listed) doing M&A arbitrage and occasionally make markets. Technical difficulties are expected, however, if you knew what you were talking about you would understand that many on the street were expecting a final print (including specialists) and they failed at providing it. Your understanding of trading is that of an amateur, there is another side to this business buddy. When the final print didn't come, a large number of professional traders who get out of all or most of their positions by the end of the day got stuck with tied up capital, interest costs, and overnight risk that needed to be hedged as a result of no fault of their own.
I as well as many others in my office got royally screwed here, getting stuck with quite sizeable unhedged positions overnight. It's bad enough that order routing went down, but they failed to open up for a final print (as originally proposed) later in the afternoon. Very bad.
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People seem to be ignoring the fact that text ads are possible over the radio. A lot of local stations are not starting to pipe the name of the song/artist in addition to just the name of the radio, this gets displayed on the head unit of the car. As new cars start getting nicer head units with larger LED displays, what stops Google from using this space as a text ad? When people look down to see the name of the song, they get exposed to the name of a local pizza parlor. "Ah! Pizza! What a great idea! I want some now"
I really don't understand what everyone is arguing about. 1. If this was a direct-access trader, there would be no dialog box. In that kind of environment, every split second counts. On my platform, I have [SELL] [A] [B] [C] [BUY] where [A] is a drop down for venue (NYSE, ARCA, TSE, CBO, etc.), [B] is the quantity, [C] is the price; in such scenarios (and this is how many direct access platforms are built, you have lots of these little windows attached to market maker books strewn about your screen) it's easy to mix up [B] and [C] as they are just text fields. 2. In the US markets, such a key punch error would QUICKLY cause a halt in the trading of the item and a busting of trades a certain distance away. The idea is, unless you want to risk having one side of your trade busted (and being left with the other side, the one you put on to cover the extremely profitable trade), you better pay attention and not take the other side of a clearly erroneous quote. Sure, this leans towards protecting huge institutions which have little safeguards from making this type of mistake (few buying power restrictions), but it applies to everyone. I have had several after hours trades of mine busted as I read the number wrong and hit a price sometimes points away from the actual market, the regional exchanges aren't stupid and will realize this was a mistake and an erroneous transaction - promptly busting it after a phone call.
Honestly, are you retarded? "I just want to be able to make some investments, in long-term positions, and not worry about a bunch of insiders gaming the system to their personal benefit." How do you plan to make these investments? I don't "game the system", I make it more efficient, to the benefit of naive idiots like YOU. Again, when you go to buy stock, it's people like me that take the risk of undercutting the market makers and sell it to you.
Not enough liquidity to square off the kind of positions I had without costing me too much. Different cost structure as well (although I get close to clearing rate at CME)
no problem, I write C/C++ as a hobby, love these boards :)
yes, interest rate. you have to remember that I am a proprietary trader, I rarely have much capital, if any, at my firm (usually just what I have made so far in the current month): I'm buying on credit and am stuck paying a little over prime if I hold overnight. You may think this is not a lot, but consider that I may have $20,000,000 in positions (most hedged against general market movement by long or short SPY or futures).
Participating in the open is similar to what traders similar to myself do on closing imbalances. When NYSE approaches opening, the specialists collect orders into their book and as the time approaches begin giving indications as to where they think they will open the stock (and match all current OPG or market on open orders). My goal is to grab the other side of an imbalance, usually taking the form of an indication a large distance from the previous day's closing price, the same side that the specialist will be taking. I do this by putting orders for blocks of stock every couple pennies in the direction I want to take - I would do this on dozens of stocks as the open approaches, as much as I can handle. Even though there is practically no chance of even a fraction of my outstanding orders (sometimes approaching or exceeding a million shares), my buying power is still reduced. By entering the day with less buying power, I can't put in as many orders and therefore can not expose my self to as much opportunity.
The final closing price on the NYSE for a stock. Anyone who wants to trade on the final print, can, using market on close orders (to buy or sell). Primarily, it allows one to get out of any positions and get flat for the night at whatever the final closing price is (decided upon by the specialist). Secondly, it allows traders like me to "help out the specialist" meet the demands of a buy or sell imbalance on close, getting paid to take on the same risks the specialists do. Finally, professional traders have their daily profit and loss "marked to market", where even if they have positions open, receive credit/debit to their account overnight based on where their positions closed (the final print) - this is also used to calculate overnight interest in positions as well as margin needed to maintain the position. The fact that they simply stopped trading for the day forced me to keep several positions overnight, costing me some change (maybe $100) in interest but more importantly tieing up close to $5mil in buying power which I didn't get back until after the open the next day hurting my ability to participate in the opening.
I take very measured risks, I do not trade based on "technical analysis" and other crap. I do not work on wall street, I am private. I make a comfortable 7 figures, on track to do almost 8 this year - this is all from trading profits, not salary. People like you take for granted the value of real traders such as myself, who get paid by the market to make it more efficient (think arbitrage, market making). I love it how people shoot down others when they have no idea what they're talking about, how do you plan to buy your 1000 shares of GE once every 3 years when no one will sell it to you for a reasonable price? Oh yea, me. Idiots. http://themarkettruth.blogspot.com/
I assume this question pertains to the NYSE (all other markets are fully electronic). The answer is yes and no, a normal order enters the specialists book where his job is to match it, usually quite quickly. You can also use an NX feature for round lots to bypass specialist intervention - used when speed is more important than price.
Yes, on the average day I completely hedge myself using MOC (market on-close) orders, as well as open up some new positions against market imbalances on close to be closed off on the ECNs a few minutes after the close.
Frankly, you have no clue what you are talking about nor to whom. I don't "invest", I'm a professional trader - mostly US treasury future triangular cash/future arbitrage but also quite a bit in stocks (mostly listed) doing M&A arbitrage and occasionally make markets. Technical difficulties are expected, however, if you knew what you were talking about you would understand that many on the street were expecting a final print (including specialists) and they failed at providing it. Your understanding of trading is that of an amateur, there is another side to this business buddy. When the final print didn't come, a large number of professional traders who get out of all or most of their positions by the end of the day got stuck with tied up capital, interest costs, and overnight risk that needed to be hedged as a result of no fault of their own.
I as well as many others in my office got royally screwed here, getting stuck with quite sizeable unhedged positions overnight. It's bad enough that order routing went down, but they failed to open up for a final print (as originally proposed) later in the afternoon. Very bad.