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Travelzoo Inc. Message Board

  • danalisasam danalisasam Aug 25, 2004 11:54 AM Flag

    I CALLED THE NASDQ --

    To ask them to do an inquiry into the stock, the mvement, the volume and how come the float figures seem to change daily. I think they may look into it or a comment from the company

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    • One possible reason for differences in float or volume can be the market data feed provider used by the firm displaying the content. A market data feed is used to electronically display financial information for securities. Some market data feed providers are more reliable than others but those same others may offer lower cost feeds which can be attractive to comapanies providing their customers with market data information. You can see the diffrences in market data feeds just by looking at MSN or Yahoo where share price, volume, dividend or even company news may be very different....sometimes substantially so. There are many companies that are providing market data feeds e.g. Reuters, Bloomberg, Thomsons Financial and a host of others. There are other factors that come into play that effect market data information such as what exchange the security trades on. Different exchanges use different methods for crossing and clearing trades. The NYSE uses th4e traditonal "open order market outcry" where litteraly a buy order or sell order is shouted out or an ECN such as instinet where matches trades are crossed and cleared electronically. Don't assume just because you have "level 2" quotes that you're getting the full picture. You may get a look at the market makers book but you may not get a look at the tiered pricing. What is tiered pricing? It's where a market maker will offer tiers of pricing between the published bid and ask based on the number of shares being purchased. Because you buy 100 shares of MSFT don't assume you're paying the same price as someone who's buying 500,000 shares at the same time. True transparency does not exist between the different market data feed providers, ECN, stock/otion/commodity exchanges, or market makers. Retail buyers often don't realize they are playing in the little league trying to compete against firms with vast amounts of capital and resources. As much as the playing field should be level its often not for no other reason than the amount of capital deployed. Firms controlling 100 billion dollars in securities have much more resources than the avergage retail trader. In the end there are so many different factors effecting markets and ulitmately what one may see displayed on a terminal that its mind boggling. <IMHO> Good luck to all

    • haha. why not run to mommy too

    • They are not going to help. What do they care about shorts; they only step in after the fact, when the longs complain after the stock drops 20 points and then warns.

      Then the Nasdaq and SEC will be all over this. Never proactive always reactive.

 
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