Hi Yuki and Bob,
It appears to me that NASDAQ's Opening Cross works in similar manner
as Tokyo. Of course, Tokyo has the infamous Stop-High and Stop-Low,
which halt trading altogether, but that's a different story here,
since we are discussing how opening prices are determined.
I like NASDAQ and Tokyo's approach to determing the opening prices
than that of NYSE and AMEX. Grabbing some crazy opening price as a
result of major limit and market orders (NASDAQ and Tokyo) is
different from grabbing crazy prices as a result of some market maker
making stupid calls (NYSE and AMEX). NASDAQ is especially cool since
it's all computer-based and there is no market maker's intervention.
intermilan04
--- In amibroker@yahoogroups.com, Yuki Taga <[EMAIL PROTECTED]> wrote:
>
> Hi Bob,
>
> Tuesday, August 22, 2006, 1:27:43 PM, you wrote:
>
> BJ> ....and how can you pontificate that the exchange doesn't matter?
>
> It matters. In Tokyo, if you have a market order in prior to the
> open, you will get a one-price fill at the price that will be printed
> as the open in every data service and every newspaper. I don't care
> if you are buying or selling a million shares. They will all get
> done at one price, and that price will be the same as anyone else
> buying or selling at market gets. It's called the open, here.
>
> But everywhere else is not Tokyo of course, and no one should forget
> that this is a rather international board.
>
> Yuki
>
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