February 13, 2013


New York Stock Exchange (NYSE)

The NYSE is set up similar to an auction-oriented system, in which a specialist who is essentially an auctioneer represents the sale of a particular stock. Since all business conducted at the NYSE is open to full public view, the specialist opens the market by establishing two-way communication between buyers and sellers. Specialists may represent more than one stock, but only one specialist can represent the stock itself. Not only do the specialists oversee the stock exchanges, but they also have the ability to shift stock prices to better leverage liquidity. The idea is that all buyers are treated fairly and transactions are conducted smoothly in an environment where the investors concerns are top priority.

Stocks traded in the NYSE market are generally considered listed securities since they represent some of the larger, more established companies. Such businesses have huge capitalization and a long history of consistent earnings from year to year. Such security provides a market where prices are a little less volatile. Prices move at a more moderate pace and do not frequently shoot up and drop down at a moment’s notice, providing an easier means by which to anticipate and predict market movements. For this reason alone, day traders find it easier in knowing when to make their move in the NYSE market.

If you decide to buy 200 shares of GE stock at market price, then you would need to place a market order. The market price is the most current listed price at the moment of your purchase. Your other option would be to place a limit order, which is a specific set price below the current offer. The specialist records your limit order until a matching seller is willing to sell at your set price.

Specialists are required to fulfill any orders they receive, meaning that if there are still unfulfilled orders at the end of the day, then they generally buy the stock themselves. The role of the specialist is to provide liquidity in the stock they represent, even if it means risking their own capital to bridge what they hope are temporary gaps in the market.

There are three ways in which you can place a market order.

· You could place an order through your broker on the Internet or by phone. Your broker then sends your order to the NYSE floor where a floor broker who represents your broker approaches the specialist with your order. The price of your order will be confirmed through your broker.

· Once your broker receives your order, he/she could submit your order through a SuperDot machine, which is a computerized system that sends your order directly to the specialist. From there your order is fulfilled at the exact price and number of shares and sent back to your broker, who then informs you of the news.

· Skip the broker and place the order yourself on a level II order entry software system that contains a superDOT button for order execution. Send the order directly to the specialist and wait a minute or two for a response.


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