Bright addresses internalization and payment for order flow problems in their second letter to SEC. http://www.sec.gov/comments/4-602/4602-29.pdf
Nofear, Send your concerns to the SEC, we need more voices. Our firm, Bright Trading is the only one voicing their opinions about these...
Sub-pennying happens all day, but it isn't as noticeable in liquid securities, because the spread is only one cent. (Typically, your buy order is...
I agree payment for order flow is a major problem in our market. It allows firms with no client base to internalize orders (that's all the...
With regards to co-location, yes co-location is becoming more affordable, but let's be honest, the system will eventually look something like...
There is a lot we can do. Our firm, Bright Trading is the only firm standing up against these internalization abuses. As traders, we need to...
Exactly. Many HFT firms offer a distinct benefit to our markets in the form of added liquidity. However, there are a few firms that prey on...
We are asking for the help of all traders. The SEC is currently accepting comments on the equity market structure. We encourage you to submit...
Chump change adds up. http://www.defendtrading.com/cfm.v21.n1.2.pdf
It's not necessarily just market makers, it's any market participant capable of submitting a sub-penny order into a dark pool. But, you're...
Many strategies that worked before, still work today. But one adaptation needs to be made to all strategies, and that is not placing passive...
This is a good article to read from one of the T3Live guys: http://www.twsinvestments.com/2010/02/hft-forcing-traders-to-become-more.html...
I think the reasoning for the high carry costs is probably two-fold. The main reason is just an excuse to charge an abnormally ridiculous rate,...
I'm a prop trader with Bright, and we pay these fees. There's probably some exemptions at higher levels, but this information would be very...
Each clearing firm has their own list of shortable stocks. So this will differ from broker to broker depending on the clearing firm. There's...
ephstrader, There has been a shifting of power to HFT algorithmic systems. Through flash orders and sub-pennying, they have the complete edge...
Yeah, let's reward the retail trader with .0001/share and compromise the entire NBBO. Makes alot of sense.
I agree that Flash is not the entire problem here. I am simply stating that I believe it goes on with Flash orders as well. I don't get any...
Propseeker, So you're trying to say that no-one is intentionally stepping in front of my bid or offer? That any prints i see .0001 in front of...
Trom, you are exactly right. The sub-pennying is not all due to flash orders. There can be internal sub-pennying by the brokerage house, or...
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