for questions that relate to stock exchanges. A stock exchange is a form of exchange which provides services for stock brokers and traders to trade various securities.

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283 views

Origin of a market makers inventory

Could you please explain in the context of the OTCBB exchange Q) little known company goes public on the OTC with 40 shareholders whose securities have been registered assuming none of this base of ...
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1answer
142 views

Entered trade to buy 500 sh at 57.06 aon stock traded at 56 but no execution broker said aon prevented execution can this happen?

This was a NYSE trade placed with brokerage firm. I placed a bid of 57.06 for 500 shares, all or none (AON), of a stock and it apparently traded at 56 without filling my bid. Broker checked with home ...
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1answer
813 views

How does a stock operate when it is listed between two exchanges?

I wanted to ask how a stock, listed in different exchanges, in different countries and different currency operates. Say a stock is listed in Nasdaq, and the same company has a stock listed in Tsx. ...
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2answers
5k views

How did I end up with a fraction of a share?

My online broker, Fidelity, says that I have 0.16 shares of MSFT. How is this possible? I always assumed that you had to own a whole number of shares.
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1answer
64 views

How are options traded on exchanges priced?

First, my knowledge is limited and I am still learning. I understand that each bank has various models to price options and that the prices vary based on these models. If this is the case, how are ...
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2answers
423 views

Do marketmakers always quote a bid and ask simultaneously

I am trying to understand some MM (Market Maker) data that I have. As a follow up to a question I read about MM: How does a dealer (or market maker) earn the bid-ask spread on a stock? And to ...
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1answer
297 views

In what ways is IEX different than a typical dark pool or a typical exchange?

In his recent best seller "Flash Boys" (#1 of the NYT best seller list), Michael Lewis tells the fascinating story of an unlikely hero, Brad Katsuyama from RBC. Upon realizing that "the stock market ...
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2answers
366 views

Display vs Non-Display Limit Orders

In an effort to better understand how market exchanges work, I was attempting to learn how orders get executed on NASDAQ. The following quote is from their website (click here to view): NASDAQ ...
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2answers
309 views

Stock market order execution

I want to know how an order gets executed at exchange level once I place an order through an online broker. If i place a buy order for 1000 shares of XYZ Company, does it execute at one exchange? or ...
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1answer
166 views

Buying company shares from NYSE being Ukrainian and currently living in Ukraine

I want to buy shares of the company offered at the NYSE. How do I do that? I am a complete novice at this kind of thing.
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1answer
245 views

Why do stocks priced above $2.00 on the ASX sometimes move in $0.005 increments?

On the Australian ASX price increments that a stock can move by is determined by the current value of the stock as shown below: Why is it then that sometimes a stock that is currently priced well ...
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0answers
105 views

Where to find turnover / average amount of time investors & mutual funds held stocks they purchased?

In the book The Intelligent Investor, Jason Zweig mentions the annual turnover rate for stocks on the NYSE, that is the average amount of time investors and mutual funds held stocks that they ...
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1answer
50 views

Judge market efficiency from raw price action

Is it possible to judge just by tape reading and analyzing the price action, if a particular security in a particular market is efficient or not? I often read commentaries by experts that state that ...
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1answer
81 views

How does the concept of regular vs. after-hours trading work for an online marketplace?

In an exchange like NYSE, with an actual trading floor, I understand that the floor, say, opens at 9:30am and ends at 4:00pm. These are the 'trading hours'. So, After 4:00pm, there are after-hours ...
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1answer
196 views

What happened to Houston American Energy Corp. (HUSA) that made their stock crash?

I noticed this HUSA stock. And seen that they were steadily over the $10 line for most of 2010-2011 and at the beginning of 2012 they started going down. Yahoo Finance shows that they were upgraded ...
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1answer
91 views

Howto choose a marketplace while submitting an order for a stock trade

When I submit a trade order, I usually choose the route = Auto. But there is also the option to choose a particular ATS/exchange (ARCA,BATS,TMX Select). I usually leave it to Auto. But is there any ...
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1answer
82 views

Buy/Selling prices at the stock exchange represent someone Selling/Buying at that price?

I see in my trading system two price quotes for a stock. Buying and Selling. Does the buying price means that it is the lowest price someone is currently attempting to sell their stock? If so, then ...
2
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1answer
61 views

What are “electronic calls” and “daily calls”?

I am looking at the details of some futures contract traded on Bovespa, a Brazilian exchange. In the "trading hours" section, I do not understand two things: What is the "electronic call" at 17:55? ...
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2answers
3k views

If NYSE has market makers, what is the role of NYSE ARCA which is an ECN

When I submit a trade order through online brokerage, I see that the order goes to NYSE ARCA. Now NYSE ARCA is an ECN that will carry out the trade on NYSE, but I was of the impression that NYSE ...
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1answer
278 views

Difference between limit order book and level 2 quotes

Is there any difference between 'Level 2 quotes' and 'Limit Order Book'? Are they different words describing the same thing? i.e the buy and sell orders that are queued up with different market makers ...
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1answer
379 views

What is meant by “buy-side firm” and “sell-side firm”?

Why are institutions knows as buy-side firms, and broker-dealers known as sell-side firms? From what I understand, both institutions and broker-dealers do both buying and selling, so what is this ...
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2answers
67 views

Why are there OTC securities and whether they're limited to institutional investors?

What are some things that may lead a person to consider dealing in OTC securities? They are not publicly traded on exchanges, there is no regulation around them, they are risky because it is harder to ...
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1answer
66 views

Why some things are traded in an exchange while others are traded OTC

What is the reason some instruments like CFDs and FX are traded as OTC instruments while others (stocks, futures,options) are traded in an exchange?
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0answers
119 views

Where can I find the historic stock prices of delisted stocks? [duplicate]

I need to find a chart of historic prices for Exide Technologies' old stock symbol: XIDE. This was the symbol of the company until its bankruptcy, after which its symbol changed to EXIDEQ. Where can ...
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1answer
642 views

Can one see the transactions in the stock market?

If I am interested to see the individual transactions in a certain exchange market (e.g. NYSE) for a certain stock (e.g. GOOG) - is it possible?
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2answers
429 views

“limit order” vs “at-or-better order”

Investopedia says that a limit order is: An order placed with a brokerage to buy or sell a set number of shares at a specified price or better. Investopedia says that an at-or-better order is: ...
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2answers
3k views

How do I calculate the quarterly returns of a stock index?

I was reading an article and it stated something along the lines of (not accurate figures): Quarter | Stock Index % Change In Quarter Sep 2011 | 5.21 Dec 2011 | 4.69 Mar 2012 | 3.20 June 2012 | ...
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1answer
114 views

Difference between full and mini futures contract

What is the difference between the following two Brazilian futures contracts: The Ibovespa Futures Contract The Mini Ibovespa Futures Contract As far as I can tell, both are priced in Brazilian ...
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2answers
189 views

Why would a stock opening price differ from the offering price?

I've noticed when a stock goes public (IPO) there is a stock offering price. The opening price on the first day of trading is sometimes higher/lower than the offering price. How can this be? Am I ...
4
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2answers
724 views

Why are there hidden bids and offers in the US stock market for the more illiquid stocks?

I have noticed one unusual characteristic in the US market. There are hidden bids and offers in the US stock market and this affects mainly the more illiquid small-cap stocks. Say, Stock ABC has a bid ...
2
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1answer
264 views

Do dark pools have to declare the volume transacted at the end of the day?

While dark pools can keep their transactions secret from the public exchanges during trading hours, are they required by regulation to declare the volume transacted after the market close at the end ...
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3answers
3k views

What exactly is BATS Chi-X Europe?

I was told that BATS Chi-X Europe is not a stock exchange, that rather it is an equity market. The Wikipedia article states that it is an alternative to exchange traded equities and ...
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0answers
612 views

Historic (CAGR) of DJIA, S&P500, NASDAQ

Looking for concrete data for a presentation I'll be giving about personal finance. I'm looking for the average market return of the three big indexes from 1950-onwards at least. I've been able to ...
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2answers
1k views

How are futures contracts setup at an exchange?

I'm having a hard time wrapping my head around how the actual contracts are structured at an exchange. Here are my questions: If an exchange facilitates the trading of futures contracts and nobody ...
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1answer
2k views

How does it work when the same ETF is listed on several stock exchanges?

I'm trying to understand how do ETFs listed in several exchanges work. Take VUSA, for example. It's listed in London, Z├╝rich and Amsterdam. Same ISIN, so I assume it's exactly the same thing. If I ...
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1answer
186 views

How to find the smallest transaction fees and commissions available and reduce trading overhead?

I buy and sell stock through my bank. The various bank/broker/tax overheads, if I was to buy stock and immediately sell it at the same price, is roughly 3%. I am seeking to understand what exactly ...
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2answers
980 views

What does “/” and “^” mean in ticker symbols? How to translate these symbols into yahoo?

I have downloaded a complete list of all NYSE stock symbols from the NASDAQ website here. As it turns out, many of these symbols are not recognized by the yahoo finance page. In particular, there ...
2
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2answers
210 views

Incorporating real-world parameters into simulated(paper) trading

A bit expanding the question asked here, I want to try and test a strategy using a simulated(paper) trading. As a first step, I have tried to find any brokers who provide a convenient simulated ...
2
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1answer
196 views

Periodicity in stock charts

Not sure if this is the right forum for this kind of question, but here goes: I have been looking at a 3.5 year time series of several hundred DJIA stocks and notice that for many (but not all) ...
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3answers
3k views

Can we estimate the impact of a large buy order on the share price?

What I am trying to understand is: If we know the number of shares a company trades and the current price of the share, can we estimate what volume of trade that is required to move the share price in ...
2
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2answers
4k views

How does order matching happen in stock exchanges?

When I place my trade order in the stock exchanges, I know the price matching happens and only when there is a buyer and seller at the same price a trade happens. But how does the quantity matching ...
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1answer
88 views

Where can I find a list of all reverse listings on European stock exchanges for a specific period?

From Wikipedia: A reverse takeover or reverse merger (reverse IPO) is the acquisition of a public company by a private company so that the private company can bypass the lengthy and complex ...
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1answer
2k views

How do brokers handle “hidden” stock orders?

Some brokers offer the feature of making stock orders "hidden," which effectively hides them from bid/sell/deepbooks. How exactly does this work? See this example from Interactive Brokers.
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1answer
150 views

Bids and asks in case of market order

Suppose that person A places buy market order with quantity 1000 of firm XYZ. Now in the market there only are various asks of quantity: quantity 100, quantity 2000, quantity 1000. Each ask has ...
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2answers
360 views

Can a stock exchange company actually go bust?

I found out today via random googling that stock exchanges are themselves actually companies that are traded on their own exchange. For example, the London Stock Exchange. What will happen if this ...
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1answer
307 views

Does the bid price of a stock change depending on which brokerage I am using?

If I have an account with two separate discount brokerages and they have different market makers on NASDAQ, is it possible that they will give me different quotes? Will the bid price of brokerage #1 ...
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1answer
266 views

Does market maker buy when nobody else is buying and sell when nobody else is selling?

In this investopedia article , they say: Market Makers (MM) - These are the players who provide liquidity in the marketplace. This means that they are required to buy when nobody else is ...
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2answers
147 views

What extra information might be obtained from the next highest bids in an order book?

In this article here, Level 2 explains its components. One component is: Highest bid prices: The highest 5 or 10 prices (depending upon the market) that traders are willing to pay to buy a ...
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1answer
160 views

How do we know the number of shorted shares of a stock?

I am reading this article which discusses Tesla's stock (TSLA). The article states: 27.5 million shares of Tesla are held short, or about 41 percent of the float. How can the number of shorted ...
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1answer
1k views

What does the settlement date of short interest mean?

NASDAQ lists data like this for the short interest in Walmart: Settlement Date Short Interest Avg Daily Share Volume Days To Cover 4/30/2013 27,988,175 7,442,123 ...